Younan Properties Increases Occupancy in Dallas
DALLAS October 6, 2009 --- EXCO Resources, Inc., has leased an additional 30,450 sf of space in Younan Properties' prestigious waterfront Lakeside Square at 12377 Merit Drive, expanding EXCO's total footprint to more than 152,600 sf in the Class A building.
Celeste Fowden and Burson Holman with CB Richard Ellis, (NYSE: CBG) negotiated the transaction with EXCO in cooperation with Younan Properties.
Zaya S. Younan, Chairman and CEO of Younan, noted that the environment for leasing has begun to improve in Dallas. "In the last few weeks, we have seen an increase in tenant interest in expansion and leasing activity, which we have not seen in many months. In the case of EXCO, the longstanding partnership with CBRE and our ongoing relationship with the tenant played a critical role in responding quickly to EXCO's expansion needs."
"The positive relationship with EXCO Resources and the support of Younan made this an extremely smooth transaction for all parties" said CBRE Broker Celeste Fowden.
"In this environment we need to be sensitive to the financial needs of all parties. As such, we are paying 100% of the commissions with the execution of the lease," added John Cook, Vice President of Asset Management for Younan.
EXCO Resources, Inc., (NYSE: XCO) is an oil and natural gas acquisition, exploration, development and production company headquartered in Dallas, Texas with principal operations in Texas, Louisiana, Pennsylvania and West Virginia.
As the second largest owner of Class A office space in Texas, Younan Properties owns 9.5 million square feet of prime commercial real estate in the State, and it is the largest office landlord in Dallas. Other Dallas properties include; Eighty-Eighty Central, Energy Square I, II and III and 9400 NCX in the Central Expressway submarket; Four Forest, Galleria Plaza, Graystone Centre, The Meridian, and NCP Three in the LBJ Freeway submarket; and KPMG Centre, Patriot Tower, and Thanksgiving Tower in the Dallas CBD.
Younan Properties, Inc. is known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants. Younan is recognized as one of the newest and most successful private real estate companies active throughout the United States in the acquisition, development, ownership and management of office and mixed-use properties. It is noted for its success in turning around undervalued assets and maximizing the value of stabilized assets. Since 2001, Younan has accumulated nearly 12 million square feet of well-located Class A office buildings in key markets in California, Texas, Illinois and Arizona. Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.