LOS ANGELES, CA (December 5, 2006) Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, announced today that it has hired Rita B. Silver as Corporate Controller. In this role, Silver will be responsible for furthering development of the accounting and finance activities and processes that will support Younan Properties' ongoing expansion and planned growth in key, high-growth office markets throughout the United States.
A licensed CPA, Silver brings 26 years of senior-level financial reporting and accounting experience for a spectrum of real estate investment and property management services firms in Los Angeles County, CA to her new position. Prior to joining YPI, she served as Controller for Douglas Emmett and Company in Santa Monica, CA, where she oversaw financial reporting for 11.6 million square feet of office space and 2,800 residential units in Southern California and Hawaii. She has held similar positions in the accounting departments of The Yousem Company, Haseko-Dunn Management Company, Jones Lang Wootten U.S.A., Merrill Lynch Realty Associates Inc., and Coopers & Lybrand.
Rita's solid background and extensive experience in overseeing financial reporting for diverse commercial properties will be a tremendous asset to our firm as we aggressively add prime office buildings to our portfolios in Chicago, Dallas and other key markets where we have identified a clear upswing, said Zaya Younan, Chairman and CEO of Younan Properties, Inc. With her broad expertise in accounting and cost controls, she will be a key member of our management team.
Silver earned a B.S. degree in Business Administration from California State University in Los Angeles.
Younan Properties is growing so rapidly, and I'm confident my many years in the real estate industry will contribute to its ongoing expansion in the years ahead, Silver commented.
Most recently, Younan Properties added a total of 2.1 million square feet to its Chicago and Dallas portfolios with the acquisition of the Transwestern office portfolio. With the closing of 200 North LaSalle in downtown Chicago, the final trophy tower in the November purchase, YPI's $2.5 billion nationwide portfolio encompasses more than eight million square feet in 25 Class A buildings totaling more than eight million square feet.
Known for its detailed, hands-on approach to improving operational efficiencies 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 high growth markets throughout the United States.
About Younan Properties, Inc.
Headquartered in Los Angeles, CA, Younan Properties, Inc., a real estate investment group, specializes in acquiring Class A office properties in high-growth markets throughout the United States. As one of the fastest growing, privately held real estate investment groups in the country, the company is especially adept at turning around undervalued assets and maximizing the value of stabilized assets. Through the application of proprietary technologies and proactive management, Younan Properties creates immediate value. In fact, the company has delivered to its investors an average leveraged IRR of 65% on properties sold to date.
Since founding the company in 2002, Zaya S. Younan has accumulated an eight million-square-foot portfolio of well-located Class A office buildings valued at more than $2.5 billion in key markets within Arizona, Florida, Illinois and Texas.
Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.