DALLAS, TX (October 17, 2005) On the heels of its recent acquisition of three Class A office buildings totaling 1.1 million square feet in Dallas, Texas from Equity Office Properties Trust (NYSE: EOP), Woodland Hills, CA-based Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has acquired two additional office properties in Dallas from EOP. Valued at more than $70 million and totaling approximately 800,000 square feet, the new acquisitions bring Younan's Dallas portfolio to 2.7 million square feet of Class A office space.Younan represented itself in the acquisitions. Steve Livadities of Eastdil represented the seller, which has corporate headquarters in Chicago, Illinois.
These high quality acquisitions reinforce our strength as one of the dominant owners of office properties in a rapidly improving market in which we have experience and a solid presence, commented Zaya S. Younan, chairman and CEO of Younan Properties, Inc. The addition of these two assets will allow us to advance our strategy to be a long-term investor in the high growth Dallas office market with first-rate assets that will deliver superior facilities to our tenants and great investment returns.
Known for its detailed, hands-on approach to improving operational efficiencies and reducing expenses while maintaining top building standards for tenants, Younan Properties' management team has more than four decades of experience in developing and managing commercial real estate in Dallas. The firm's Dallas-based Texas division will be responsible for managing the new assets and attracting quality, long-term tenants. Larry Blankenship, recently named Younan Properties' vice president of asset management-Texas, will oversee the firm's Texas portfolio. Both of the new acquisitions are view-oriented high rises with strategic locations on Merit Drive. These office buildings offer prime locations with excellent highway access, outstanding tenant amenities and panoramic views, Younan noted. They provide another opportunity for us to deepen our foothold in what will become a core high growth business market in the U.S.
The new acquisitions include:
Four Forest Plaza, a 19-story contemporary building with approximately 395,000 square feet of office space. Located at 12222 Merit Drive, near Highway 75 and Interstate 635 in North Dallas, the building has excellent access to Dallas' downtown business district and key transportation centers. Built in 1985 and renovated in 1994, it is 80% leased with major tenants that include Zurich US, ACIG Insurance, Lee Financial Corporation, International Risk Management, and Huselton & Morgan.
The hexagonal-shaped structure features an elegant black facade accented by a band of green neon and bronze anodized aluminum. An Italian tile and polished marble floor and soaring marble walls highlight its three-story, open-air atrium lobby. Sweeping views overlook North Dallas' landscaped Park Central area and urban skyline. A six-story attached parking structure has more than 1,100 parking spaces and 100 visitor parking spaces.
Lakeside Square, a modern 18-story lakefront building with 398,000 square feet of office space. Located at 12377 Merit Drive in north suburban Dallas at the intersection of the LBJ Freeway and North Central Expressway, the building has excellent access to high income and high growth areas of North Dallas and proximity to numerous fine hotels, restaurants and entertainment venues. Built in 1987, it is 80% leased with major tenants that include National City Mortgage, Towers Perrin Forster, CH2M Hill, Federal Liaison Services, and Exco Resources. The building's distinctive architecture features a reflective glass curtain wall. A towering two-story lobby is highlighted by stainless steel and mirrored surfaces with a polished marble floor. A six-level parking structure and three additional surface lots provide 1,293 parking spaces.
Headed by Zaya S. Younan, Younan Properties has accumulated $600 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.