Younan Properties Bolsters Growing Chicago Portfolio With New General Managers
Managers based in regional offices at 200 North LaSalle and 1600 Corporate Center will oversee a growing portfolio that now includes 2.5 million square feet of Class A space in eight prime office buildings
LOS ANGELES, CA (December 7, 2006) Younan Properties, Inc. (YPI) announced today that it has hired Frittsy Mosshart as General Manager of its office properties in downtown Chicago. Patricia Lange, who has served as Senior Property Manager for YPI since January 2006, has been promoted to General Manager, and is responsible for the firm's Class A assets in suburban Chicago. Younan's Chicago portfolio currently encompasses 2.5 million square feet of Class A office space.
Both Frittsy and Patricia bring strong backgrounds including many years of experience in asset management and building operations to our regional Chicago offices, observed Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. As we grow our Chicago portfolio, they will play key roles in upholding Younan Properties' superior reputation and track record for exceptional office building standards and top tenant satisfaction. Their responsibilities will increase in the near future, as Chicago is now our primary target market for aggressive growth, where we plan to invest another $1 billion in the next 12 months.
Previously a General Manager for Grubb & Ellis Management Services Inc. in Chicago, Mosshart brings more than a decade of property management experience to her new position. Her background includes experience as Vice President Property Management for Tower Realty Management Corporation in Chicago, where she held profit/loss responsibility for five million square feet of office properties in Chicago, Milwaukee, San Francisco and Seattle. She earned a B.B.A degree in Management from Oklahoma University and is a Certified Commercial Investment Member.
In addition to 200 North LaSalle, the 30-story skyscraper in downtown Chicago where she will be based, Mosshart will manage building operations and tenant customer service at 211 E. Ontario, an 18-story high-rise in downtown Chicago. I am thrilled to be part of the Younan family and excited to be associated with this progressive organization of top professionals passionate about every aspect of real estate, she commented.
Prior to joining YPI, Lange was a Senior Property Manager at Transwestern Commercial Services/Great Lakes REIT, where she oversaw a portfolio of commercial properties in suburban Chicago. In addition, she brings experience as a Portfolio and Property Manager for Trammell Crow Company, Lincoln Property Company and CB Richard Ellis.
As Property Manager of Zurich Towers in Schaumburg, IL, Lange received recognition for her role when the property was honored with a TOBY Office Building of the Year 1997 award. She holds a Real Property Administrator (RPA) designation from the Building Owners and Managers Institute.
Younan Properties has become a top landlord in Chicago, and I look forward to contributing my expertise to this growing firm as it expands its presence in some of the city's most promising submarkets, Lange said.
In her new position, Lange will be based at Younan's suburban Chicago regional office at 1600 Corporate Center in Rolling Meadows. In addition to management responsibilities for this 12-story mid-rise, she will oversee Bannockburn Corporate Center in Bannockburn, Kensington Corporate Center in Mount Prospect, Embassy Plaza in Schaumburg, One North Arlington in Arlington Heights and Prairie Stone Commons in the prestigious Hoffman Estate in Northwest Chicago.
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 $2.5 billion in real estate holdings since its inception in 2002. The company's national portfolio currently includes 25 Class A office properties totaling more than eight million square feet.
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 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.