A California-based real estate investment firm has spent $90 million to buy a trio of Dallas office properties. Woodland Hills-based Younan Properties acquired the three-building, 1.1 million sq. ft. portfolio from Equity Office Properties Trust (NYSE: EOP), a Chicago-based office REIT.
The $90 million transaction represents Younan Properties’ biggest single portfolio acquisition to date. The deal also brings the firm’s Texas office holdings up to roughly 2.3 million sq. ft. of Class A space.
“With this major portfolio acquisition, we are aggressively expanding and strengthening our foothold in the Dallas market,” says Zaya Younan, chairman and CEO of Younan Properties, Inc. “These exceptionally high quality assets will solidify our presence in a fast-changing sub market of the city that’s on a clear upswing.”
Younan Properties has bought $500 million in U.S. commercial real estate since 2002, the year that Zaya Younan founded the firm. The firm’s national portfolio now includes 20 office buildings that encompass four million sq. ft.
