“We started a year ago to strongly acquire office buildings in Houston and all of the submarkets. The strength of the market has spilled into the submarkets and we have bought a lot of assets in a short period of time. I think the momentum in the Houston market is so strong, that this growth will continue for the next three to five years. It is the second hottest economy in the entire United States, generating more jobs than New York City. Those are really strong indicators,” Zaya Younan, chairman & CEO of Younan Properties, told CPN on Dec. 7.
Younan purchased Bridgewood I, Bridgewood II and Greenbriar Place (pictured), all located on North Sam Houston Parkway East in Houston. In Houston, alone, Younan owns almost 2.2 million square feet of office space. Bridgewood I at 654 N. Sam Houston Parkway E. has 135,000 square feet. The four-story office building was built in 1980 and is 87 percent occupied. Also built in 1980, Bridgewood II at 652 N. Sam Houston Parkway E. is four stories with 141,000 rentable square feet, and is 96 percent occupied. Greenbriar Place is a five-floor, 146,000-square-foot building, built in 1982 and recently renovated. It is 96 percent occupied.
These latest gets come on the heels of its Dec. 3 deal, when Younan bought the 19-story 260,000-square-foot 1010 Lamar. At that time, it was the company’s eighth Houston-area acquisition since June. Younan is now the second largest owner of Class A office space in Texas and is the top office landlord in Dallas, with about 12 percent of the city’s Class A assets. Younan is the second largest commercial office owner in Houston.
“We have been following the Houston market for quite some time. We started seeing indicators that this market’s fundamentals were improving and accelerating very quickly,” Younan has previously explained to CPN earlier this month. “We saw a tremendous migration of Fortune 2000 companies coming into this market. It has strong employment and lower unemployment than New York City.”
Younan Properties represented itself in the transactions. Darrell Betts of the Betts/Farber Southwest Regional Investment Team for Grubb & Ellis Inc. represented the seller, KBS Realty Advisors.
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source: commercialpropertynews.com
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