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Younan Properties Takes Warnerview Offices for $10M

WOODLAND HILLS, CA-The Warnerview office building was suffering from sagging occupancy after a law firm closed its doors, leaving the building 65% occupied. The building's new owner, however, is planning an aggressive marketing campaign and expects to put the property back on track at 85% occupancy within six months.

By Erin Cassin | Updated on October 06, 2003

WOODLAND HILLS-An investment group that specializes in repositioning sagging properties in strong submarkets has acquired the 62,000-sf Warnerview office building for $9.8 million with the hope of boosting its tenant base from 65% to 85% in the first six months of ownership.

“When we saw a beautiful, class A building in the Warner Center submarket at way below occupancy, we immediately targeted it,” Zaya Younan, chairman and CEO of Younan Properties, tells GlobeSt.com of the unsolicited offer that gave his firm ownership of the 5959 Topanga Canyon Blvd. building in Woodland Hills.

Younan says the three-story office building with an underground garage, located near Ventura Boulevard and the 101 Freeway, suffered a major blow to its occupancy level when the large national law firm of Arter & Hadden closed its doors after declaring bankruptcy. The move left tenants such as the Unihealth Foundation, Greystone Management Properties and Canon Stanley Insurance Brokers among the remaining occupants.

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