Younan Properties Signs 10-Year Lease with Phoenix International School of Law
LOS ANGELES, CA (April 4, 2006) Los Angeles, Calif.-based Younan Properties, Inc. has completed a 120-month lease for 54,822 square feet at Central Plaza, located at 4041 North Central Plaza in Phoenix, Ariz., with Phoenix International School of Law. Beginning in August, the private law school will occupy a portion of the first floor and the entire second and third floors of the 20-story Tower Building, plus the entire second floor of Building C of the 400,000-square-foot Class A campus-style office property. Phoenix International School of Law is currently located at 15011 N 75th Street in Scottsdale, Arizona.
Jay Hoselton, Senior Director of Cushman & Wakefield, represented the tenant, known as PhoenixLaw, in the transaction. Bill Zurek, Senior Vice President of Transwestern Commercial Services, represented Younan Properties.
We take great pride in being able to provide a superior campus environment for this growing academic institution, said Zaya Younan, Chairman & CEO of Younan Properties, Inc. We were able to attract this new, quality tenant through a combination of strategic location, responsive management, exceptional amenities and quality of space that exceeds tenant expectations.
According to Hoselton, Central Plaza was selected for the 150-student campus after a thorough area property search offering ample parking, proximity to public transportation, an onsite cafeteria and a landscaped, campus-style environment. We looked at numerous properties before signing this lease and found that the garden buildings of this well-maintained high rise offered the best economics, the best parking and the best overall amenities for a professional school, he said. Younan Properties was extremely accommodating in all negotiations and met all of our requirements for Phoenix International School of Law's new location.
With plans to more than triple its student body within three years and to double its campus size within a decade, Phoenix International School of Law required a facility that would offer room to grow.
Younan Properties was both responsive and creative in providing flexible solutions for future scenarios, observed Bill Zurek of Transwestern Commercial Services, who brokered the deal for the fast-growing, privately-held real estate investment company.
In addition to Central Plaza, Younan Properties owns Four Gateway, a 138,000-square-foot office building and Meridian Bank Tower, a 275,000-square-foot high rise in Phoenix.
Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan Properties' management team has more than four decades of experience in developing and managing commercial real estate in high growth markets throughout the United States. Headed by Zaya S. Younan, Younan Properties has accumulated more than $800 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 21 Class A office properties totaling more than 4.8 million square feet.