Younan Properties Completes Sale of 200 North LaSalle in Chicago
Trophy High Rise Sold Above Loan Value, Younan Successfully Executing De-leverage Strategy
Los Angeles, April 17, 2012 - Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class A office buildings in five major U.S. office markets announced that it completed the sale of 200 North LaSalle to the Onni Group, a private real estate developer and manager headquartered in Vancouver, B.C.
According to Zaya Younan, Chairman and CEO, "The sale of 200 North LaSalle demonstrates the ongoing success of our capital recycling program and furthers the Company's stated strategy of realigning our portfolio and reducing our leverage. Over the past year, we have made significant progress in de-leveraging our portfolio, opportunistically recycling capital, strengthening our balance sheet and securing a sustainable platform on which to grow."
Younan continued, "This disposition represents another significant transaction for downtown Chicago. Institutional buyers see long-term value in this market as evidenced by a 24% increase in sales over the past year. Moreover, this is another example of our ability to market our high quality, Class A assets in our portfolio at a price that exceeds its loan value. The building traded at an impressive 4.5 Cap rate, which is indicative of its time-tested quality and appeal."
Younan Properties was represented in the transaction by Stephen Livaditis, Senior Managing Director, and Chang Lee, Director of Eastdil Secured in Chicago. According to Livaditis, "Given the ongoing challenges that characterize the financial markets in transactions such as 200 North LaSalle, we were impressed with the Younan team's ability to move quickly in order to effect a smooth closing for both buyer and seller." Livaditis continued, "Younan Properties has a great portfolio with significant market demand. They are institutional owners that can effectively execute transactions, especially in difficult markets."
200 North LaSalle is a premier, Class A, 30-story office building with 645,170 square-foot office tower. Its location on LaSalle Street has long been considered the heart of Chicago's financial district and the hub of the Central Business District. The building features a unique design that offers 10 corner offices per floor. The virtually column free floor plates allow for efficient space planning and its floor-to-ceiling windows offer tenants an abundance of natural light and expansive views unparalleled by other Central Loop buildings.
With this disposition, Younan Properties will own and manage nearly 6.0 million square feet of Class A office space in Dallas, Houston, Chicago, Los Angeles and Phoenix.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 20 office properties with approximately 6.0 million square feet of rentable space. Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com
Contact: Denise Davis