The twin towers of the seven-story class A property are currently 30% occupied. But Younan officials are confident in their ability to stabilize the asset.
In a prepared statement, chairman and CEO Zaya S. Younan cited the firm's "progress leasing our existing portfolio of office buildings and taking the occupancy from 40% to 80% in less than 16 months. Our past accomplishments prove that we can successfully stabilize assets and increase occupancy even in the Stemmons sub-market, which is considered one of the most challenging office sub-markets in the entire country."
Building tenants include the US Postal Service, the American Lung Association and Life of America Insurance Co. The new owner plans on executing a $1-million renovation effort, which includes upgrading both the interior and exterior.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
