LOS ANGELES, CA (March 28, 2006) With the expansion of its offices from 33,463 to 47,860 square feet, EXCO Resources, Inc. will occupy the entire 16th and 17th floors of Younan Properties' Lakeside Square in north suburban Dallas. The seven-year transaction brings occupancy at the 398,000-square-foot Class A office building at 12377 Merit Drive to 90 percent.
Our emphasis on tenant satisfaction is continually reflected in our retention of quality, long-term tenants like EXCO Resources, said Zaya S. Younan, Chairman & CEO of Younan Properties, Inc., one of the fastest-growing, privately held real estate investment groups in the country. We take great pride in our ability to maintain high occupancy at all of our properties through superior tenant amenities and services.
Doug Miller, EXCO Resources' Chairman of the Board and Principal, represented the tenant in the transaction. Celeste Signor, Amanda Farmer and Moody Younger of Grubb & Ellis represented the landlord, Younan Properties. The lease was completed in mid-March, with a target commencement date of July 1, 2006. Prior to opening their Lakeside Square offices, EXCO Resources was located at 6500 Greenville Avenue in Dallas.
Since acquiring some of the premier assets in Dallas last fall, Younan Properties has continually improved its properties, resulting in impressive occupancy rates, commented Celeste Signor, Vice President of Grubb & Ellis in Dallas. Their senior management is quick to make decisions and has been very responsive in coming up with solutions to successfully complete transactions.
As Dallas' second largest landlord, Younan Properties owns a total of 2.7 million square feet of Class A office space in the city. In addition to Lakeside Square, its Dallas portfolio includes Four Forest Plaza, 9400 Plaza, Eighty-Eighty Central, North Central Plaza, Graystone Centre, Meridian Center and 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 $800 million in real estate holdings since its inception in 2002. The company's national portfolio currently includes 21 Class A office properties totaling more than 4.8 million square feet.