LOS ANGELES, CA (August 17, 2006) On the heels of its acquisition of the 900,000-square-foot KPMG Centre in downtown Dallas in early July, Younan Properties, Inc. (YPI) has added Galleria Plaza, at 4851 LBJ Freeway, to its rapidly growing portfolio of Dallas, Texas office properties.
With the acquisition of the 190,000-square-foot, 12-story tower at the intersection of the LBJ Freeway and Dallas North Tollway, the fast-growing investment firm is on track to become Dallas' dominant landlord. Younan purchased the property from Dallas-based residential and commercial developer Terrabrook.
While this is a small building, it offers a strategic North Dallas location across from the Galleria shopping mall, in a submarket we are aggressively targeting for future expansions, commented Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. With its proximity to the Metroplex in the desirable Dallas North Tollway, Galleria Plaza offers us ample opportunity for increasing our holding in this fast changing office market.
Gary Carr, executive vice president of CB Richard Ellis' Investment Properties-Institutional Group in Dallas represented the seller, Terrabrook. Younan Properties represented itself.
The Younan team was exceptionally knowledgeable and hands-on in handling the details involved in bringing this transaction to a close, commented Carr. We applaud their pro-active approach to completing this deal to the satisfaction of all parties.
Built in 1986, Galleria Plaza is a polished granite and tinted glass tower situated within the high-rent Dallas North Tollway neighborhood leading to the Metroplex. Featuring dramatic views of the surrounding office, residential and downtown Dallas skyline, the property is now 74 percent leased to such major tenants as employee benefit agency BenefitMall, premier IT staffing firm Matrix Resources, full-service valuation firm CBIZ Valuation Group, leading reinsurance provider American Re-Insurance and the Dallas office of The Associated Press, the global news network. A newly remodeled Wyndham hotel is adjacent, and Dallas/Fort Worth International Airport, Love Field Airport, Addison Airport and Dallas' Central Business District are within a 15-minute drive.
The 12-story Galleria Plaza brings Younan Properties' holdings in Dallas and its surrounding areas to nine prime office buildings totaling 3.7 million square feet of Class A office space and the company's entire Texas portfolio to 4.2 million square feet. YPI's Dallas portfolio includes KPMG Centre, 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 19 Class A office properties totaling more than seven million square feet.