Younan Properties Acquires Key Los Angeles Office Building For $28 Million
LOS ANGELES January 13, 2004 Younan Properties (YPI), one of the fastest growing privately held commercial real estate investment firms in the U.S., has acquired the Sepulveda Center a 172,000 SF, Class A office building for $28 million from Equity Office Properties Trust (NYSE: EOP) one of the largest publicly held REITs in the country. The 12-story, all glass building is located at 3415 Sepulveda Blvd in Los Angeles, Calif. Strategically located at the Olympic Corridor, the Sepulveda Center was 80% occupied at the time of purchase. The building's key tenants include: Network Associates, Countrywide Financial, Verizon, Freeman, Freeman & Smiley and the City of Los Angeles.
The Sepulveda Center is a strategic acquisition for us. Due to its location, size and institutional quality of the asset, this transaction is a major turning point for YPI, said Zaya Younan, chairman and CEO of Younan Properties. We already have several tenants interested in expansion, which will bring the Sepulveda Center from 80% to 95% occupancy within the first three months.
The buyer, Younan Properties, represented itself. The seller, Equity Office Properties Trust (NYSE: EOP), was represented by David Doupe of CB Richard Ellis.
Younan Properties intends on upgrading the building exterior landscaping and most of the common areas to reflect a more modern Class A building. The Sepulveda Center
offers a variety of amenities such as a large parking structure, a restaurant inside the building, concierge services, a conference & business center, a helipad and close proximity to the 405 freeway.
Working with Zaya and his team was a pleasure due to YPI's hands-on, entrepreneur spirit and ability to get things done in a timely matter, said Doupe. There is no red tape at YPI this firm does not waste time in finalizing a deal.