Younan Properties Leases 140,000 SF in Dallas Renewals and New Leases;
Average Occupancy in Portfolio Increased by 210 bps in 2012
Younan Properties, one of nation's leading Class A office building owners and managers in five U.S. markets signed 140,000 square feet of new deals and renewals in Dallas over the past 12 months. Average occupancy across the entire YPI portfolio increased 210 bps in 2012.
Dallas, March 13, 2013 ---Younan Properties, Inc., a privately-held, national real estate investment and management company that owns office buildings in five major U.S. office markets announced it had signed 140,000 square feet of new deals and renewals in its Dallas office properties over the past 12 months. Overall leasing demand continued to improve in the Park Central and LBJ Expressway submarkets where Younan's properties are located.
According to Zaya Younan, Chairman and CEO of Younan Properties, "The Metroplex posted 2.7 million square feet of absorption in 2012. Dallas remains one of the best metropolitan areas in the country to do business, and with 5.7% unemployment it remains one of the top corporate relocation centers in the nation. In 2012, occupancy grew throughout our Dallas portfolio, and we are posting significant gains in the first quarter of 2013. The net absorption ratio in our portfolio was slightly higher than the market net absorption ratio."
Graystone Centre, a 301,378 square foot, 15-story tower in the LBJ submarket, signed more than 36,000 square feet of renewals and new leases with a diversified roster of financial services, professional staffing, engineering and technology companies.
According to Blake Shipley, Vice President, Jones Lang LaSalle and leasing broker for Graystone Centre, "The LBJ submarket has turned the corner. We’ve seen greater leasing velocity and tenant’s beginning to commit to space on a longer term basis. There is no doubt that the LBJ highway project, once completed, will connect the city in exciting way. Graystone Centre is well positioned with convenient access to LBJ – we have two full floors remaining with top of building signage opportunities."
Galleria Plaza, a 189,104 square foot tower also located in the LBJ, is undergoing significant upgrades including a lobby renovation, spec suites and new conference center, which has made it especially attractive to new and existing tenants.
"The Younan Properties team is flexible and makes quick decisions, which enable us to act quickly on behalf of tenants. Having a great space that is ready for immediate occupancy at a competitive rate creates great opportunities for leasing. We recently leased two spec suites within hours of completion. We also have major lobby and common area renovations underway and this has encouraged existing tenants to renew and, in some cases, expand their footprints at 4851 LBJ," said Sharon Friedberg, Senior Vice President, Bradford Commercial Real Estate Services and leasing broker at Galleria Plaza.
Lakeside Square, an 18-story, 403,120 square foot high-rise in the Park Central submarket, has leased more than 26,000 square feet of new leases and renewals in the last 30 days. Burson Holman, First Vice President, CBRE serves as leasing broker. Lakeside Fitness Center, a new 2,400 square foot professionally designed, full service gym recently opened to tenants, and Murphy's Deli is scheduled to open in several weeks. Additional renovations commencing soon include elevator upgrades, a garage lighting retrofit and spec suite development.
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. The company is recognized for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants. Younan's fully-integrated real estate investment company offers 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