Los Angeles, September 20, 2010 ‐‐‐Younan Properties, Inc., a fully‐integrated, national real estate owner and operator of office buildings in five major U.S. office markets announced that it has leased 105,325 square feet of office space in its Phoenix portfolio through the third quarter of 2010. Total leasing throughout Younan's national portfolio now exceeds 1 million square feet for the year.
In Phoenix, Younan owns and manages two Class A downtown office properties on North Central Avenue ‐ Meridian Bank Tower at 3550 N. Central Avenue and 4041 Younan Central Plaza. Earlier this month, the company announced that it had acquired the remaining ownership of Younan Central Plaza following a successful refinancing by Deutsche Bank. According to Zaya Younan, Chairman and CEO of Younan Properties, recent leasing activity supports the positive shift in momentum we see in the Phoenix market. "The Phoenix market suffered significantly through this recession, but we believe that the market has reached its bottom and will begin a slow but steady recovery in 2010 and 2011. According to latest research, Phoenix is projected to have an average annual employment growth rate of 3.2% through 2015, exceeding all other national office markets."*
Recent leasing in Phoenix includes:
- Younan Central Plaza ‐ A total of 25,393 square feet of renewals and expansions by Phoenix School of Law and Barron Collier.
- Meridian Bank Tower ‐ A total of 79,932 square feet, which includes new deals and renewals by Arizona Department of Water Resources, Owens Harkey and Associates, LIW, Greenstone, Scott Lawler and Shear FX.
Younan also commented on the increased leasing velocity and occupancy gains throughout the company's national portfolio. "We are seeing significant, positive improvements in all of our key markets," he said. "Our Dallas, Chicago, Houston and Los Angeles portfolios all have recorded an increase in leasing transactions each quarter, and we see this positive trend extending into 2011." Charles Miscio, Senior Vice President of Colliers International and leasing broker for Younan Central Plaza noted, "By partnering with a well‐capitalized owner of quality assets like Younan Properties, we are able to meet tenant requirements immediately, which is critical to getting deals done in this market."
About Younan Properties
Younan Properties is a fully integrated, self‐administered and self‐managed owner and operator of primarily Class "A" office properties located in five major U.S. office markets, including Dallas‐Fort Worth, Chicago, Houston, Phoenix and Los Angeles. The portfolio consists of 36 office properties with nearly 11.0 million square feet of rentable space. Younan Properties is a full‐service real estate company with in‐house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing.
Contact: Denise Davis
818.703.9600 x 9705
* Source: CBRE Reports, Summer 2010