Younan Properties Successfully Completes Sale of Two Dallas High‐Rise Properties
Younan Properties, one of nation's leading Class A office building owners and managers and the largest office building owner in Dallas announced the sale of 9400 North Central Expressway and Eighty‐Eighty Central, two high‐rise Class A office towers located in the Central Expressway sub‐market.
Los Angeles, April 13, 2011 ‐‐‐Younan Properties, Inc., a fully‐integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced that it has completed the sale of Eighty‐Eighty Central and 9400 North Central Expressway to Rosemont Realty.
According to Zaya Younan, Chairman and Chief Executive Officer, the unsolicited offer from Rosemont reflects positively on Younan's asset quality as well as dynamic changes in the Dallas economy. "Recently, we have seen significant demand from both private as well as large institutional investors for high quality office buildings in Dallas because of fast‐improving market fundamentals. Texas leads the nation in employment growth, and Dallas continues to post monthly employment gains. For the first quarter, the Dallas‐Ft. Worth office market recorded more than 545,000 square feet in positive net absorption."
"The resiliency of Dallas during the recent recession and consistent positive changes in population and employment continue to fuel transaction activity," he continued. "The CAP rate has made a surprising movement downward and the compression of the CAP rate in Dallas has been tested with recent multiple, major transactions in the market."
Eighty‐Eighty Central is a 17‐story, 290,921 square foot Class A office in the heart of the Dallas North Central office Expressway. The building's distinctive profile, with a gabled roof and Roman arch accent, is readily recognized from the nearby expressway. 9400 NCX is a 392,457 square foot, 16‐story Class A office tower that sits on more than five acres and offers excellent accessibility and visibility along the east side of Central Expressway, between Park Lane and Walnut Hill Lane.
With these dispositions, Younan Properties will own and manage 12 office properties in Dallas including the One, Two and Three Energy Square buildings, located in the Central Expressway sub‐market; Four Forest, Galleria Plaza, Graystone Centre, Lakeside Square, The Meridian and North Central Plaza III, located in the LBJ sub‐market; and KPMG Centre, Patriot Tower and Thanksgiving Tower, located in the Dallas CBD.
About Younan Properties
Younan Properties is a fully integrated, self‐administered and self‐managed owner and operator of primarily Class "A" office properties located in five major U.S. office markets, including Dallas, Chicago, Houston, Phoenix and Los Angeles. The portfolio consists of 33 office properties with nearly 11.0 million square feet of rentable space. Younan is a full‐service real estate company with in‐house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com.
Contact: Denise Davis
(818) 703‐9600 x9705