California-based firm outshines competitors for seven Class A properties that bring its Dallas holdings to 4.7 million square feet, its Chicago assets to 2 million square feet and its nationwide portfolio to more than 7.5 million square feet of Class A office space.
LOS ANGELES, CA (September 28, 2006) Younan Properties, Inc. (YPI) announced today it has completed its largest acquisition since its inception with the purchase of a 2.1 million-square-foot office portfolio from Chicago-based Transwestern Investment Company. With a total of seven Class A properties, the portfolio includes three office towers in Dallas' Central Market development area minutes from the city's downtown and four mid- and high-rise office buildings in Chicago and surrounding areas.
The Chicago portfolio includes three Class A assets in the Chicago suburbs and a high rise in the Windy City's Central Business District, closing in November of this year.
The seven new acquisitions bring YPI's Dallas holdings to 12 prime office properties totaling 4.7 million square feet. In Chicago, where it most recently acquired 211 East Ontario in the premier North Michigan Avenue submarket, YPI now ranks among the top ten landlords, with eight Class A buildings totaling nearly two million square feet. Younan's entire office portfolio in key cities throughout the U.S. now totals 24 buildings exceeding 7.5 million square feet of rentable Class A space. Once the seventh building acquisition closes in November, YPI's portfolio nationwide will boast 25 buildings encompassing 7.8 million square feet.
Younan represented itself in the acquisitions. Steve Livaditis and Blake Johnson of Eastdil Secured represented Transwestern in the Chicago acquisitions. Andrew Levy of Holliday Fenoglio Fowler LP represented Transwestern in the Dallas deals.
While there was significant interest in these Class A properties from numerous prominent national investment firms, Younan Properties was selected based on our understanding of the markets and our ability to execute due diligence with a high level of responsiveness in a very short period of time, observed Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. Younan Properties will continue its aggressive growth in the Dallas and Chicago markets as well as other high growth markets throughout the U.S. With these new acquisitions, Younan Properties is well on its way to becoming the nation's largest privately held commercial real estate investment firm.
Representatives from Holliday Fenoglio Fowler noted that Younan completed the complex acquisition involving multiple properties in two distinct markets in a very timely manner, solidifying their positions in each market with the attractive acquisitions.
The new Dallas acquisitions are within walking distance of the city's DART Light Rail, as well as dozens of restaurants and retail establishments. Downtown Dallas and Dallas Love Field are minutes away.
Totaling approximately one million square feet of rentable space, the three Dallas acquisitions include:
Energy Square I in Dallas, a 14-story tower at 4925 Greenville Avenue at the Central Expressway, with 254,338 square feet of rentable space. Built in 1974 and upgraded in 2004, the Class A building is 94% occupied with major tenants that include Degolyer & MacNaughton, a worldwide petroleum consulting firm, National Energy Group and Five States Energy Company.
Energy Square II in Dallas, a 16-story tower at 4849 Greenville Avenue at the Central Expressway, with 357,626 square feet of rentable space. Built in 1980, the Class A building is 81% occupied with major tenants that include Sears Roebuck and Co., New York Life Insurance Company, law firm Fanning, Harper & Martinson and Oaks Bank & Trust.
Energy Square III in Dallas, a 16-story tower at 6688 North Central Expressway with 296,624 square feet of rentable space. Built in 1986, the Class A building is 84% occupied with major tenants that include law firm Hartline, Dacus, Barger, Dreyer & Kern, L.L.P., national retail services provider DAVACO, Inc., Jacobs Engineering and Advanced Homecare.
In addition to the three new Energy Square acquisitions, YPI's Dallas portfolio includes KPMG Centre, Galleria Plaza, Lakeside Square, Four Forest Plaza, 9400 Plaza, Eighty-Eighty Central, North Central Plaza, Graystone Centre and Meridian Center.
In Chicago and its surroundings, YPI's three new acquisitions total approximately half a million square feet with:
1600 Corporate Center, a 12-story Class A office building at 1600 East Golf Road, directly north of the Northwest Tollway (I-90) in Rolling Meadows, with proximity to O'Hare International Airport. Built in 1986, the building totals 254,448 rentable square feet and is 76% leased to major tenants that include Countrywide Financial, HQ Global Workplaces, General Services Administration and Heico Ohmite Holding, LLC.
Bannockburn Corporate Center, a three-story Class A office building at 3000 Lakeside Drive in Bannockburn, in the Northbrook/Tri-State submarket of north suburban Lake County. Built in 1999, the building offers 205,402 rentable square feet and is 80% leased to major tenants that include GE Capital, GCG Financial, IPC and IBM.
Kensington Corporate Center, a four-story Class A office building at 1660 Feehanville Drive in Mount Prospect with 85,487 rentable square feet. Built in 1989, the building is 100% leased by Metropolitan Life.
Along with the three new Chicago acquisitions, Younan Properties' Chicago portfolio currently includes Embassy Plaza, One North Arlington and Prairie Stone Commons. The final Chicago acquisition slated to close in November 200 North La Salle is a 30-story trophy skyscraper located at 200 North La Salle in The Loop, the historic center of downtown Chicago. Built in 1984, the Class A tower incorporates 629,040 rentable square feet. It is 92% occupied by a tenant roster that includes St. Paul Travelers, AMA Insurance, Inc., Broadwing Financial Services, and Interpark Holdings.
When this final acquisition in the 2.1 million-square-foot Transwestern portfolio is complete, Younan's holdings in Chicago will total approximately 2 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. Headed by Zaya S. Younan, Younan Properties has accumulated more than $2.5 billion in real estate holdings since its inception in 2002. The company's national portfolio currently includes 24 Class A office properties totaling more than 7 million square feet.