DALLAS, September 30, 2010 ‐‐‐Younan Properties, Inc., a fully‐integrated, national real estate owner and operator of office buildings in five major U.S. office markets and the largest office building owner in Dallas, announced that it has leased more than 460,000 square feet of office space in its Dallas portfolio through the first eight months of 2010. The leasing in Dallas represents tenant renewals, expansions and new deals.
According to Robert Peddicord, Chief Operating Officer of Younan, the recent activity points to the underlying resilience of the Texas market, combined with the partnership of Younan and its third party brokerage teams. "We are experiencing solid leasing activity in our Texas portfolio, which supports recent studies pointing to Texas as a growth story coming out of the recession. Our brokerage teams have been working diligently and we anticipate more activity going forward with the addition of our internal leasing representatives."
Highlights of recent leasing in the Dallas market include:
- Lakeside Square ‐ An expansion of 50,436 square feet by EXCO Resources;
- Patriot Tower ‐ A renewal of 12,475 SF by Metropolitan Fiber Systems of Dallas;
- Energy Square Two ‐ A renewal of 57,532 square feet by New York Life Insurance Company;
- One Graystone Centre ‐ New leases totaling 5,070 square feet. New tenants include Marc LaForce, CCIC, KOINFO IT & Web Solutions, and Dan Heard Financial Advisor.
Several area leasing brokers involved with Younan in the Dallas‐Fort Worth market, echoed the advances in leasing. According to Malcolm Ross, Senior Managing Director of CASE Commercial Real Estate Partners, "We have noticed an increase in leasing activity over the past 60 days in all our submarkets. This coupled with some key initiatives within the Younan organization including strategic hires and aggressive pursuit of tenant satisfaction should lead to strong leasing activity between now and year‐end. The Dallas market continues to fare better than most with an unemployment level of 8.5% which is below the national average of 9.6%. In addition, Dallas is projected to add more than 700,000 new residents over the next five years, the highest forecasted total in the entire U.S. We believe Dallas has fared better than the other major metropolitan areas thus far and will lead the way as we come out of this economically challenging environment."
Jeff Eckert, Senior Vice President of Jones Lang LaSalle observed, "The fundamentals of the Texas market have been stronger in relation to the rest of the country, but in today's challenging times, tenants and brokers alike look for responsive landlords, like Younan Properties, with quality portfolios. The leasing velocity across the Dallas market continues to steadily improve with multiple relocations focused on our market coupled with a significant number of expanding tenants across all business sectors."
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 35 office properties with approximately 11.0 million square feet of rentable space. Younan 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