YPI Leases 236,347 Square Feet Of Class A Office Space In Six Dallas, Texas High-Rises
LOS ANGELES, CA (December 15, 2006) Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country and Dallas' top office landlord, has recently completed nine lease transactions in suites exceeding 8,000 square feet. The lease transactions total 236,347 square feet of Class A space in six of YPI's prime office properties in Dallas' downtown, Central Expressway and LBJ Freeway submarkets. This has been an extraordinary year of growth and accomplishment for YPI, as we have demonstrated our commitment to providing outstanding services and amenities for tenants, resulting in superior occupancy at all of our office properties in Dallas, said Zaya S. Younan, Chairman & CEO of Younan Properties, Inc. As we anticipated, it was also a turnaround year for the Dallas office market, with strong positive absorption and better performance than expected, which benefited our properties significantly.
With the November acquisition of three Energy Square Towers, YPI has increased its Dallas holdings to 12 first-class high-rises. YPI Senior Vice President Larry Blankenship manages the firm's Texas portfolio, which now totals 4.7 million square feet.
Just 60 days after acquiring Two Energy Square, at 4849 Greenville Avenue at the Central Expressway, YPI successfully extended Emergency Medicine Billing & Coding Company's lease. The medical billing firm also expanded its premises to occupy 43,129 square feet in the 16-story tower, boosting occupancy from 81% to 85%. Mike Quint of Jackson & Cooksey represented the tenant in the transaction. Reid Caldwell, with Transwestern Commercial, represented the landlord, YPI.
In downtown Dallas, prestigious law firm Middleberg, Riddle & Gianna committed to a 134-month extension of its lease for 50,622 square feet at KPMG Center, located at 717 North Harwood Street. The 34-story trophy skyscraper in the high-rent Arts District is now 87% leased. Sanders Thompson of Transwestern Commercial represented the tenant in the lease extension. Randy Shipman and Worthey Wiles of Trammell Crow Co. represented YPI.
We have nothing but positive things to say about Younan Properties, observed Michael L. Riddle, managing partner at Middleberg, Riddle & Gianna. We've been in downtown Dallas for 35 years, and have found KPMG to be the best managed building in the area. Since taking over as its landlord several months ago, the Younan team has been exceptionally responsive and detail-oriented in maintaining the top standards the property is known for.
At 18-story Lakeside Square, global engineering firm CH2MHill has expanded its space to 32,074 square feet and extended its lease commitment. Since acquiring the waterfront property at 12377 Merit Drive in north suburban Dallas at the intersection of the LBJ Freeway and North Central Expressway in October 2005, YPI has boosted occupancy from 82% to 93%. Mike Quint of Jackson & Cooksey represented the tenant in the expansion and renewal. Celeste Signor of Grubb & Ellis represented the landlord, YPI.
With two expansions and a major new tenant, YPI's 8080 North Central Expressway is now 97% occupied up from 85% when YPI acquired the high-rise 15 months ago. After its expansion and lease extension, energy resources firm Penn Virginia Resources now occupies 12,407 square feet at the 17-story tower and is expected to expand further, to become a full floor tenant by the end of 2007. Mary Stoner-Yost of Collier International represented the tenant. Celeste Signor of Grubb & Ellis represented YPI.
Compass Bank now occupies the entire fourth floor of 8080 North Central Expressway, after quadrupling its space to a total of 49,656 square feet. Bradley J. Teed of Commercial Real Estate Advisors, L.L.C. represented Compass Bank in the expansion. Celeste Signor of Grubb & Ellis represented YPI.
With a new, 126-month lease, new 8080 North Central Expressway tenant Regency Centers has moved into 17,811 square feet. The nation's leading developer of grocery-anchored retail centers now occupies the entire sixth floor of the BOMA Building of the Year Award-winning property. Jordan Buis and Warren Willey of Trammell Crow Co. represented Regency Centers. Celeste Signor of Grubb & Ellis represented YPI.
At Four Forest Plaza, certified public accounting firm Judd, Thomas, Smith & Company has expanded its premises and extended its lease term to occupy 10,027 square feet at the 19-story high-rise located at 12222 Merit Drive in north Dallas. Jack Moravcik of Swearingen Realty Group, L.L.C. represented the tenant in the transaction. James Esquivel, Jeff Eckert and Russ Johnson of Trammell Crow Co. represented YPI. Also at Four Forest Plaza, employee benefits solutions firm Prescott Pailet Benefits L.P. extended its lease term and expanded its premises to 8,203 square feet. Seth Weinstein of Predium represented the tenant. James Esquivel, Jeff Eckert and Russ Johnson of Trammell Crow Co. represented YPI.
A pending new lease expected to close before year-end with securities law practice Secore & Waller, LLP for 10,390 square feet, will bring Four Forest Plaza occupancy to 84%.
Rounding out major YPI year-end leasing transactions, Electric Power Research Institute, Inc. (EPRI) has extended its lease at Graystone Center, in North Dallas at 3010 LBJ Freeway. The center for electricity and environmental research occupies 12,418 square feet at the recently renovated property. EPRI represented itself. Celeste Signor of Grubb & Ellis represented YPI.
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.
About Younan Properties, Inc.
Headquartered in Los Angeles, CA, Younan Properties, Inc., a real estate investment group, specializes in acquiring Class A office properties in high-growth markets throughout the United States.
As one of the fastest growing, privately held real estate investment groups in the country, the company is especially adept at turning around undervalued assets and maximizing the value of stabilized assets. Through the application of proprietary technologies and proactive management, Younan Properties creates immediate value. In fact, the company has delivered to its investors an average leveraged IRR of 65% on properties sold to date.
Since founding the company in 2002, Zaya S. Younan has accumulated an eight million-square-foot portfolio of 25 well-located Class A office buildings valued at more than $2.5 billion in key markets within Arizona, Florida, Illinois and Texas.
Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.