The twin towers of the seven-story class A property arecurrently 30% occupied. But Younan officials are confident in theirability to stabilize the asset.
In a prepared statement, chairman and CEO Zaya S. Younan citedthe firm's "progress leasing our existing portfolio of officebuildings and taking the occupancy from 40% to 80% in less than 16months. Our past accomplishments prove that we can successfullystabilize assets and increase occupancy even in the Stemmonssub-market, which is considered one of the most challenging officesub-markets in the entire country."
Building tenants include the US Postal Service, the AmericanLung Association and Life of America Insurance Co. The new ownerplans on executing a $1-million renovation effort, which includesupgrading both the interior and exterior.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
