GlobeSt.com UPDATE: Younan Doles Out Leasing Assignments

Now, the Woodland Hills, CA owner, staying a course to become Dallas' largest class A titleholder, is making plans to renovate the 12222 Merit Dr. and 12377 Merit Dr. high rises. TCC has assigned James Esquivel, Jeff Eckert and Russ Johnson to Four Forest. Grubb & Ellis' newly hired Celeste Signor is teaming with Amanda Farmer to lease Lakeside Square.

"Younan has bought these assets at the right time," Eckert tells GlobeSt.com. "There is definitely a renewed interest in the market with the completion of the High Five."The three brokers aren't tipping their hands about the leasing strategy that's about to unfold, but they say tenant reps started to call them about Four Forest's class A space availability before Younan signed the final closing paper with Chicago-based Equity. Steve Livaditis of Eastdil Realty in Chicago represented EOP.

Younan's MO is to split leasing assignments, most often relying on two brokerage houses in a market. Grubb & Ellis claimed an early berth because its investment sales team of Scot Farber and Darrell Betts put the first deal on the table for the well-heeled investment group. TCC came on the scene by winning a face-off for 9400 N. Central Expressway and 12801 N. Central Expressway. With the Dallas portfolio at 2.9 million sf, Younan opened a Dallas office and put Larry Blankenship in as vice president of asset management.

The 80%-leased Four Forest's lead tenants are Zurich US, ACIG Insurance, Lee Financial Corp., International Risk Management, Huselton & Morgan and Sleeper Sewell Co. "The lease roll this year is minimal," Eckert says, adding "a lot of these are secured through 2009 and beyond."

Esquivel, who oversaw Four Forest for six years with Equity, says the 394,324-sf structure at 12222 Merit Dr. "has been stable as long as I can remember." The quoted rate, for now, remains $18.50 per sf to $19 per sf, full service.

Also 80% leased, Lakeside Square's top tenants are National City Mortgage, Towers Perrin Forster, CH2M Hill, Federal Liaison Services and Exco Resources. "We do not have any significant lease roll for 2006," Signor says. She and Farmer also have been assigned to Younan's 283,707-sf 8080 N. Central Expressway.