LOS ANGELES, CA (March 20, 2006) In one of its largest single lease transactions in its Phoenix portfolio to date, Los Angeles, Calif.-based Younan Properties Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has announced completion of a lease agreement for 74,495 square feet of space at its Meridian Bank Tower in Phoenix, Ariz. to the Arizona Department of Water Resources (ADWR).
We were extremely proactive in tailoring this lease to the specifications and requirements of this major tenant, said Zaya Younan, Chairman and CEO of Younan Properties, Inc. Our ability and willingness to adapt space on multiple floors and to create outstanding value in both office space and common areas were key factors in achieving the tenant satisfaction needed to successfully close this transaction.
The new tenant will occupy the entire second and fourth floors, as well as a portion of the third floor, at the 275,000-square-foot, 20-story Class A high rise located at 3550 North Central Avenue in the heart of the North Central business corridor. Gary Gregg of Fulton Andrew Cresa Partners represented the tenant in the transaction. John W. Bonnell of Trammell Crow Company represented the landlord, Younan Properties.
This was a challenging transaction that required close attention to timing and to meeting the needs of a public service provider, commented Gregg. Younan Properties was extremely straightforward in their proposal and very flexible in handling all space solutions. We were especially impressed by the quick response time from senior Younan Properties management.
According to Ron Gray, Assistant Director of Administration for the Arizona Department of Water Resources, his firm selected the Meridian Bank Tower after a comparative survey of available office space in desirable Phoenix locations. Our new location is convenient for employees and visitors, with excellent access to public transportation, restaurants, banks and other services, he said. We found Younan Properties to be highly responsive in meeting our needs and in resolving all details of the transaction.
ADWR signed a 48-month lease. From its new facilities, ADWR will continue its mission to secure long-term dependable water supplies for Arizona's communities.
In addition to Meridian Bank Tower, Younan Properties owns Four Gateway, a 138,000-square-foot office building, and Central Plaza, a 400,000-square-foot high rise, in Phoenix.
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.