X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

STUDIO CITY, CA-Younan Properties has sold the 73,000-sf Lankershim Media Center at 4640 Lankershim Blvd. to LaeRoc Partners LLC of Los Angeles after holding the property for a year and boosting occupancy to 98% from the 88%. Younan paid $11.2 million for the six-story, class A office building when it acquired the asset in October 2002 from CT Realty Corp.

According to Zaya Younan, chairman and CEO of the Woodland Hills-based real estate investment firm, the company negotiated new leases at higher rates and also boosted the property’s results by reduciing operating costs by 38%. Younan notes that the results ran contrary to what some real estate industry observers predicted when his company acquired the building. “We received a difference of opinion from the brokerage and lending community, saying that this property did not have any upside potential since it was already 88% leased and running smoothly,” Younan says.

Both Younan Properties and the buyer were represented by Jeff Andrew of CB Richard Ellis. Andrew notes that Younan initially purchased a ground lease for the property and made tenant changes. Then, after buying the entire property, Younan completed interior and exterior improvements and increased the occupancy rate with a view toward selling the property. Among the tenants at the building are Pixel Blues, eBuilt, Herzog Productions and I/O films.

Younan Properties specializes in acquiring, repositioning and managing office buildings throughout the country. Since its founding in January 2002, it has acquired more than 25 office buildings throughout the US totaling more than 3.2 million sf, and sold 12 buildings comprising more than one million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.