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Meridian Bank Tower Trades in $11M Off-Market Deal

PHOENIX-Younan Properties Inc. purchases the 275,000-sf, class A office building in the CBD from Credit Suisse First Boston in a 60-day start-to-finish close. The 20-story building, now 55% occupied, pushes Younan's CBD foothold to 675,000 sf.

By Jennifer D. Duell | Updated on October 11, 2004

PHOENIX-Younan Properties Inc. has purchased the 275,000-sf, class A Meridian Bank Tower from Credit Suisse First Boston for $11 million, taking a seat as one of the largest office owners in the Phoenix CBD. In the past four months, the Woodland Hills, CA-based Younan Properties has acquired 675,000 sf in Downtown.

“We feel the CBD has the highest potential of all the submarkets,” says Zaya S. Younan, chairman and CEO of Younan Properties. “Phoenix is experiencing tremendous population growth of 2% a year and this has a direct impact on demand for office space and expansion of current workforce.”

Younan tells GlobeSt.com that CSFB was in a hurry to dispose of Meridian Bank Tower and contacted him. “They had a humongous fund open just because of one asset–Meridian Bank Tower–and they needed to close fast,” he says. “We looked at the asset and liked what we saw and closed in less than 60 days.”

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