just aspromised,

The new owner is starting out a value-add play with a 58%-leasedhigh rise and less than 8% of the in-place leases up for renewalthis year, including the Tower Club on the 48th floor of the50-storylandmark at 1601 Elm St. "We are going to be very flexiblein developing terms that will benefit any tenant in the market,"Zaya Younan, chairman and CEO of the Los Angeles-based investmentgroup, stresses to GlobeSt.com. "And, we will make all thenecessary effort to make sure the Tower Club stays in thebuilding."

Younan is keeping locally based Stream Realty Partners LP inplace to lease the building, which presents his largest leasingchallenge in three years of office acquisitions in Greater Dallas."We're a much larger company now than before. It's less than 10% ofall we own in Dallas so we are very comfortable with that," heexplains. "It's a class A-plus in a great location in a market thatis recovering. We do have work to do, but we are not afraid of thechallenge." The plan of attack includes "lots of incentives andlarge TIs," he says, adding his in-house team will be managing thenew deed just as it always does.