LOS ANGELES, CA (July 24, 2007) Younan Properties, Inc. (YPI), one of the fastest growing, privately-held real estate investment groups in the country, announced today that it has hired Byron L. Taylor as Director of Construction and Project Management. The new position reflects YPI's explosive growth over the past five years and its ongoing expansion into large scale capital projects and major tenant improvements.
Taylor brings more than 25 years of professional experience in construction and project management to his new position. Prior to joining Younan Properties, he served as Superintendent/Project Manager for Turner & Jacobs in Dallas, Texas, managing operations for major renovation and improvement projects throughout the Dallas/Fort Worth Metroplex. His background also includes project and construction management positions at Vandel & Overstreet Construction in Irving, Texas and Lincoln Property Company in Dallas, Texas.
While based in Dallas, Taylor will be responsible for overseeing major construction and tenant improvement projects at YPI assets throughout the United States. The firm's portfolio currently encompasses 25 mid- and high-rise buildings totaling more than 10 million square feet of Class A office space concentrated in Texas, Illinois and Arizona.
Byron is a seasoned professional who will ensure that all of our building improvement and renovation projects are completed on time and on budget, observed Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. Our portfolio has grown so significantly since our founding in 2002, and we have undertaken so many large scale capital improvement projects in order to bring all of our assets up to the Class A+ standards for which Younan is known, that a senior-level construction and project manager is now critical for managing tenant and corporate expectations and capital expenditures across the country.
Commenting on his new position, Taylor said, The Younan team has extraordinary, inspired leadership, as well as ambitious goals for growth and new activities. I'm extremely pleased to be part of a corporate culture that supports innovation and encourages new ideas.
Younan noted that YPI is currently conducting feasibility studies for the development of office buildings in such high-growth markets as Dallas, Houston and Chicago. Diversification, growth and expansion have always been major drivers of our business plan, and we will continue to build our executive team to oversee, manage and improve our existing assets as well as those that will be added to our portfolio in the future.
Most recently, Younan Properties took title to two Houston office buildings totaling close to 330,000 square feet of well-located office space: 6464 Savoy, an eight-story, multi-tenant office building in the desirable deed-restricted Regency Square Office Park in southwest Houston, and Northbelt Corporate Center, an institutional-grade, 10-story office property at 2350 North Sam Houston Parkway East. It is currently under contract to purchase two additional Houston office properties and plans to acquire some five million square feet in the city in the next six to 12 months.
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.
About Younan Properties, Inc.
Headquartered in Los Angeles, CA, Younan Properties, Inc., a real estate investment group, specializes in acquiring Class A office properties in high-growth markets throughout the United States. As one of the fastest growing, privately held real estate investment groups in the country, the company is especially adept at turning around undervalued assets and maximizing the value of stabilized assets. Through the application of proprietary technologies and proactive management, Younan Properties creates immediate value. In fact, the company has delivered to its investors an average leveraged IRR of 65% on properties sold to date.
Since founding the company in 2002, Zaya S. Younan has accumulated a 10 million-square-foot portfolio of well-located Class A office buildings valued at more than $1.5 billion in key markets within Arizona, Florida, Illinois and Texas. Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.