Younan Properties Completes Acquisition of Embassy Plaza in Northwest Chicago
SCHAUMBURG, IL (December 5, 2005) With the closing of a transaction that launches an aggressive strengthening of its foothold in Chicago's northwest suburbs, Woodland Hills, CA-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has acquired Embassy Plaza, at 1933 North Meacham Road in Schaumburg, IL. YPI purchased the seven-story, Class A office property from Glenborough Realty Trust (NYSE: GLB).
Younan represented itself in the transaction. William Novelli and Mark Hellwig, senior vice president and first vice president respectively at CB Richard Ellis in Oak Brook, IL, represented the seller.
Younan Properties was extremely adept in handling all the details of this transaction. We were incredibly impressed with the way in which they worked with us for a successful and timely close, commented William Novelli, senior vice president at CB Richard Ellis in Oak Brook, IL.
This is a small asset compared to the size of others in our existing portfolio, but it is an institutional quality building that is well located, with significant upside potential. This, combined with our positive outlook for Chicago's northwest suburbs, has been a main reason for our expansion in Chicago, said Zaya S. Younan, chairman and CEO of Younan Properties, Inc. As we move toward our goal of adding at least one million square feet of Class A office properties in a rapidly recovering market to our portfolio, we will be creating superior facilities for tenants and outstanding returns for our investors.
Built in 1986, Embassy Plaza is a 140,196-square-foot seven-story office building situated across the street from Motorola corporate headquarters, between the Northwest Tollway (I-90) to the south and Algonquin Road (Route 62) to the north, approximately 20 minutes from O'Hare International Airport. It is currently 75% occupied by major tenants that include ConAgra, Bakemark Ingredients, Tellabs Operations and Bechtel Corporation.
Numerous well-established, highly desirable residential communities surround the property, including Schaumburg, Barrington, Arlington Heights, Rolling Meadows and Hoffman Estates. The Schaumburg area is home to the corporate and regional headquarters of many Fortune 500 companies, as well as the Woodfield Shopping Center, the nation's second largest interior mall.
Known for its detailed, hands-on approach to improving operational efficiencies and reducing expenses 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. Current holdings in Chicago include Prairie Stone Commons, a Class A office complex in the Prairie Stone Business Park of the prestigious Hoffman Estate of Northwest Chicago.
Headed by Zaya S. Younan, Younan Properties has accumulated more than $600 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20 Class A office properties totaling more than four million square feet.