Younan Properties Leases 257,000 SF in Downtown Chicago in Q4 of 2007
LOS ANGELES, January 17, 2008 --- Younan Properties, Inc., one of the nation's fastest growing, privately-held real estate investment companies, announced today that in the fourth quarter of 2007 it completed 257,000 square feet of new lease transactions and renewals in downtown Chicago. Included in that figure are 225,000 square feet leased at 200 N LaSalle, including a 148,493-square-foot lease with CareerBuilders.com, and 32,400 square feet of new transactions and renewals at 211 E. Ontario, including a new 10,147-square-foot transaction with the United States Veteran's Administration.
According to Zaya S. Younan, chairman and CEO, "The Chicago commercial office market continues to demonstrate vitality as evidenced by transaction volume in the fourth quarter, driving occupancy to 96% at 200 N LaSalle and 90% at 211 E. Ontario. Economic indicators suggest that Chicago commercial real estate will remain bullish throughout 2008 due to low unemployment, continued positive absorption in the CBD and a healthy, diversified economy."
Younan Properties owns and manages approximately 2 million square feet of Class A office space in Illinois. In addition to its downtown Chicago properties, the company owns One North Arlington, a seven-story, 159,000- square-foot office building in Chicago's northwest suburban office submarket; Prairie Stone Commons, a 110,000-square-foot property in prestigious Hoffman Estates;1600 Corporate Center, a 12-story, 55,000-square-foot office building in Rolling Meadows; Bannockburn Corporate Center, a three-story, 206,000-square-foot office building in the Northbrook/Tri-State submarket of north Lake County; Embassy Plaza, a seven-story, 141,000-square-foot office property in Schaumburg; and Kensington Corporate Center, a four-story, 86,000-square-foot office building in Mount Prospect, IL.
About Younan Properties, Inc.
Headquartered in Los Angeles, Younan Properties, Inc., a privately-held real estate investment group, specializes in acquiring Class A office properties in high-growth markets throughout the United States. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, the company is recognized for its success in turning around undervalued assets and maximizing the value of stabilized assets. Younan Properties has delivered to its investors an average leveraged IRR of 67% on properties sold to date. Since founding the company in 2001, Zaya S. Younan has accumulated nearly 11 million square feet of well-located Class A office buildings valued at more than $1.5 billion in key markets within Texas, Illinois and Arizona. Additional information can be found at www.younanproperties.com.