Dallas, July 2, 2008 - With three years remaining on its existing lease, EXCO Resources, Inc., has exercised its option to extend and expand its current lease in Younan's prestigious waterfront Lakeside Square at 12377 Merit Drive. By acquiring two additional floors (47,500 sf) in the 400,000 sf building, EXCO will be Lakeside's largest tenant, utilizing more than 120,000 sf.
Jeff Staubach and Steve Thelen with The Staubach Company negotiated the transaction on behalf of EXCO and Celeste Fowden and Burson Holman with CBRE represented Younan.
John Cook, vice president of asset management for Younan Properties, Inc. said "We have been working with EXCO for a long time on this project and are excited that we have been able to meet EXCO's long term expansion needs at Lakeside."
"The positive relationship between Staubach and CBRE along with Younan and EXCO Resources made this an extremely smooth transaction for all parties" said CBRE Broker Celeste Fowden.
EXCO Resources, Inc., (NYSE: XCO) is an oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, Louisiana, Ohio, Oklahoma, Pennsylvania and West Virginia.
Now the second largest owner of Class A office space in Texas, Younan Properties owns 8 million square feet of prime commercial real estate in the state. It is the top office landlord in Dallas, with approximately 12% of the city's Class A assets. Other Dallas properties include; Eighty-Eighty Central, Energy Square I, II and III and 9400 NCX in the Central Expressway submarket; Four Forest, Galleria Plaza, Graystone Centre, The Meridian, and NCP Three in the LBJ Freeway submarket; and KPMG Centre, Patriot Tower, and Thanksgiving Tower in the Dallas CBD.
Younan Properties, Inc. is known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants. Younan is recognized as one of the newest and most successful private real estate companies active throughout the United States in the acquisition, development, ownership and management of office and mixed-use properties. It is noted for its success in turning around undervalued assets and maximizing the value of stabilized assets. Since 2001, Younan has accumulated nearly 12 million square feet of well-located Class A office buildings in key markets in Texas, Illinois and Arizona. Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.