The transaction pushes the occupancy to 90% in the class A building at 3550 N. Central Ave. "We're working with other potential tenants that could get the building to 95% occupied within the next 30 days," says Zaya Younan, chairman and CEO of Younan Properties Inc. in Woodland Hills, CA, the property owner. "That would be the first time in almost 12 years that the building had such a high occupancy."
Younan tells GlobeSt.com that rents in the Meridian begin at $17.60 per sf, but the state agency got in for slightly below the ask. "They were a special credit tenant and we wanted them in the building," he adds. The agency's office, shifting from 500 N. 3rd St., is requiring very little in the way of renovation or improvements, he says.
Younan acquired Meridian Tower about one year ago. At the time, it was 40% occupied, and had just undergone renovation. Following an additional $1.5 million in renovations and repositioning by Younan, tenancy shot upward. "This market is very hot and will continue to be hot," Younan comments. "It's a good place to be in right now."Gary Gregg of Fulton Andrew Cresa Partners in Phoenix was the tenant's representative. John W. Bonnell with Trammell Crow Co. in Phoenix represented Younan Properties.
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