Younan Properties Expands Presence in Dallas with Acquisition of 1.1 Million Square Feet
With acquisition of three Class A office buildings valued at more than $90 million, Younan Properties now ranks as third largest office owner in Dallas with a current portfolio of 2.3 million square feet
DALLAS, TX (September 1, 2005) In its largest acquisition to date, Woodland Hills, CA-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has acquired a portfolio of three Class A office buildings totaling 1.1 million square feet of rentable space in Dallas, Texas from Equity Office Properties Trust (NYSE: EOP).
Younan represented itself in the acquisition, which is valued at more than $90 million. Steve Livadities of Eastdil represented the seller, which has corporate headquarters in Chicago, Illinois. The new acquisitions bring Younan's office building holdings in Texas to approximately 2.3 million square feet of Class A office space.
This was a large transaction with many moving parts. We were extremely impressed with how Younan Properties handled this transaction and performed to all expectations, for a smooth and expeditious close, observed Steve Livadities, managing director of Eastdil.
With this major portfolio acquisition, we are aggressively expanding and strengthening our foothold in the Dallas market, commented Zaya S. Younan, chairman and CEO of Younan Properties, Inc. These exceptionally high quality assets will solidify our presence in a fast-changing submarket of the city, that's on a clear upswing. As we upgrade our new portfolio additions with improvements and strong tenants, we will further our strategy of acquiring solid, long-term investments that will offer outstanding returns for our investors.
The management team at Younan Properties has more than 40 years of experience in developing and managing commercial real estate in Dallas. The firm's Texas management division, which is based in Dallas, will be responsible for developing and implementing the capital program that will include exterior modifications, exterior facility renovations and system upgrades. This investment complements our existing 1.2 million square feet of Class A office buildings in Dallas, said Younan.
Larry Blankenship, recently named Younan Properties' vice president of asset management-Texas, will manage the firm's Texas portfolio. Prior to joining Younan Properties, Blankenship served as managing director of Brokerage Services for CB Richard Ellis in Dallas, Texas.
Citing the completion of two major construction projects in the Central Expressway submarket as catalysts for strong market growth and improved access to the area, Younan noted, We're extremely confident that we can add value to these already first-class assets. All three of the newly acquired properties, which range in occupancy from 75% to 85%, are strategically located on Dallas' recently expanded North Central Expressway.
The new acquisitions include:
North Central Plaza, a 16-story tower located at Dallas' second busiest intersection, at the southwest corner of the LBJ Freeway and North Central Expressway. The highly visible, 346,575-square-foot architectural landmark features a dramatic red stripe, marble entrance and shimmering glass faÃ§ade that project a stunning daytime profile and artistic nighttime silhouette. Covered and surface areas provide parking for 1,100 vehicles. The property is currently 78% percent occupied with major tenants that include Snelling & Snelling, Marc USA, Trinity Consultant, Bridgefarmer & Associates, Inc. and Interlink-Partners.
Eighty-Eighty Central, a 17-story high-rise located in the heart of Dallas' North Central Expressway submarket, just one block from a Dallas light rail system stop. Honored with the 2001 BOMA Building of the Year Award, the 283,707-square-foot structure has a distinctive exterior with a gabled roof and roman arch accent. A 12-level parking garage provides space for 900 vehicles. The property is currently 85% occupied with major tenants that include Compass Bank, Health Texas Provider and Maynord Oil Company
9400 Plaza, a 16-story office building strategically located in the North Dallas area on North Central Expressway between Walnut Hill Lane and Park Lane. The modern exterior of the 379,556-square-foot structure features a reflective glass and aluminum faÃ§ade. Two secure garages provide parking for 1,099 vehicles, in addition to 481 spaces in two surface lots. The building is currently 75% occupied with major tenants that include Milliman & Robertson, Benefit Partners, Promotion Network and Kennedy Wilson Properties.
Headed by Zaya S. Younan, Younan Properties has accumulated $500 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 20 Class A office properties totaling four million square feet.