Big Office Landlord Sells Some of Dallas Properties
- May 05, 2011
Younan Properties Inc. has listed its Energy Square complex at North Central and University Drive. The complex comprises 900,000 square feet of office space in three buildings constructed in 1986, 1980 and 1974. They underwent renovations a few years ago.
Jones Lang LaSalle Inc. has been hired to market the property, together with the three acres of land surrounding it—which could easily house a future multifamily or retail development. Proximity to a DART light-rail station could also make it suitable for transit-oriented development.
Energy Square has been part of Younan’s portfolio longer than any other property—for nearly five years—yet it is not the only major property being sold by the real estate investment group. Within the past two weeks, Younan announced the successful sale of its Eighty-Eight Central and 9400 North Central Expressway to New Mexico-based Rosemont Realty. The property group was proud of that particular transaction, as the offer from Rosemont was unsolicited, reflecting positively on Younan’s asset quality.
Even with the disposition of the two major assets—Eighty-Eighty Central is a 17-story, Class A office building with 290,921 square feet of space and 9400 North Central Expressway is a 16-story, 392,457-square-foot office tower that sits on five acres—Younan remains one of the largest landlords in North Texas, owning and managing 12 office properties with nearly 6.5 million rentable square feet.
Younan Properties Inc. 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, Chicago, Houston, Phoenix and Los Angeles. Its portfolio consists of 33 office properties with nearly 11.0 million square feet of rentable space.