Class A skyscraper in Dallas' downtown Arts District advances Younan Properties' bid to become
Top Dallas Owner
LOS ANGELES, CA (July 06, 2006) With the acquisition of the 900,000-square-foot KPMG Centre at 717 North Harwood Street in downtown Dallas, Texas, Younan Properties, Inc. (YPI) has put another jewel in its office portfolio that should soon measure up as the largest in Dallas. The 34-story skyscraper brings the fast-growing investment firm's Dallas holdings to eight buildings totaling 3.5 million square feet of Class A office space and the company's entire Texas portfolio to four million square feet. KPMG Centre was purchased from an affiliate of the GE pension trust.
KMPG Centre is a tremendous addition to our portfolio and the acquisition furthers our aggressive campaign to invest more than $1 billion in the rapidly changing Dallas, Houston and Chicago office markets over the next 12 to 18 months, commented Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. We are exceptionally bullish on the Dallas market, where low unemployment, incredible job growth and the migration of Fortune 1000 companies are contributing to a significant upswing in office space demand. We will become Dallas' leading office landlord and this purchase has placed us in a prime spot to do so.
John Alvarado, Dallas Capital Markets Group Senior Vice President at Trammell Crow headquarters in Dallas represented Stamford, Connecticut-based GE Asset Management, an advisor to the GE pension trust.
The Younan team has a very pro-active, aggressive style, and we were very pleased with how they worked so diligently throughout the negotiation process to complete this complex transaction, Alvarado observed. From their top executives down, everyone on the YPI lineup is knowledgeable and hands-on, which made it easier to complete a major deal in a very competitive submarket.
Located in downtown Dallas' high-rent, 62-acre Arts District, home of the Morton H. Myerson
Symphony Center, the Dallas Museum of Art and numerous upscale hotels and restaurants, the KPMG Centre is 87 percent leased. The tenant roster at the 490-foot-tall high-rise includes major accounting firm KPMG, JP Morgan Chase Bank, Lockton Insurance, Odyssey Healthcare, the U.S. Department of Justice and several regional law firms. Built in 1980 and renovated in 2003, the Class A structure's double glazed bronze glass walls rise above the city in a stunning rectangular design. A skywalk network links the impressive tower to a covered parking garage. The Main Street retail corridor and light rail station are in close proximity.
With the acquisition of KPMG Centre, Younan Properties now owns eight prime office properties in Dallas, including Lakeside Square, Four Forest Plaza, 9400 Plaza, Eighty-Eighty Central, North Central Plaza, Graystone Centre and Meridian Center. In Houston, the firm recently added Norfolk Tower to its portfolio, which also includes the Wilcrest Executive Building.
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. Headed by Zaya S. Younan, Younan Properties has accumulated more than $1.5 billion in real estate holdings since its inception in 2002. The company's national portfolio currently includes 18 Class A office properties totaling more than five million square feet.