WOODLAND HILLS, CA (March 14, 2006) In its ongoing commitment to maintaining superior occupancy at its Class A Dallas office buildings, Woodland Hills, Calif.-based Younan Properties Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has completed a quartet of leasing transactions for suites of more than 10,000 square feet. A total of 63,283 square feet has been leased at Younan Properties' three high-rises in Dallas' Central Expressway and LBJ Freeway submarkets.
We place a high priority on providing the amenities, upgrades and operational efficiencies that add up to an elevated degree of tenant satisfaction resulting in lease renewals and new lease contracts, said Zaya S. Younan, Chairman & CEO of Younan Properties, Inc. With a total of 2.7 million square feet in its Dallas portfolio, Younan Properties is the city's second largest landlord.
At 9400 NCX Plaza, a 16 story tower located on the North Central Expressway Freeway between Walnut Hill Lane and Park Lane, two tenant expansions will bring occupancy to more than 84%, an increase of 6% since the Class A office building was acquired in September 2005. Corporate wellness company, WinningHabits, will almost triple its leased space, expanding from 9,136 square feet to new offices occupying the entire 25,136-square-foot seventh floor. The extended five year lease commences this month for the seven-year-old company on a mission to inspire winning habits that result in personal and organizational wellness. Bennett Morgan of Southtrust Real Estate, Inc. represented the tenant. James Esquival, Jeff Eckert and Russ Johnson of Trammell Crow Company represented Younan Properties.
At the same property, full-service Certified Public Accounting firm Smith, Jackson, Boyer & Bovard, P.L.L.C. has relocated from 9,070-square-foot fourth floor offices to expanded space totaling 11,993 square feet on the ninth floor. Sanders Thompson of NAI Stoneleigh Huff Brous McDowell represented the tenant for the five year commitment. James Esquival, Jeff Eckert and Russ Johnson of Trammell Crow Company represented Younan Properties.
Younan Properties is an exceptional landlord with a keen eye for detail and an aggressive commitment to the market, Esquivel commented. We were impressed with their diligence and creativity in bringing both of these tenant expansion transactions to a successful close.
9400 NCX provides an exceptional location for our firm, with outstanding accessibility for clients and employees, said Jim Smith, managing director of Smith, Jackson, Boyer & Bovard, P.L.L.C. Our expanded offices offer a quality professional environment with a more functional layout and improved external exposure. The building's well-maintained common areas contribute to an attractive place for doing business.
At Lakeside Square, located at 12377 Merit Drive in north suburban Dallas at the intersection of the LBJ Freeway and the North Central Expressway, high profile law firm Loewinsohn Flegle L.L.P. has signed a new lease to occupy 14,956 square feet on the ninth floor. Drew Kaplan of Drew Kaplan Commercial Real Estate Services represented the tenant in the ten year lease. Celeste Signor and Amanda Farmer of Grubb & Ellis' Dallas office represented Younan Properties. Lakeside Square is now 86% occupied up from 82% since its acquisition in October 2005.
Completing the quartet of Dallas leases in excess of 10,000 square feet is a five year agreement for 11,198 square feet at One Graystone Centre by global software and services firm Quovadx, Inc. (Nasdaq: QVDX). The Greenwood Village, Colorado-based company is a new fourth floor tenant at the Class A office complex located at 3010 LBJ Freeway. Maureen Kelley of The Staubach Company represented Quovadx, Inc. Deborah Boles of The John Bowles Company represented Younan Properties.
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.