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Younan Buying Another Class A Office Building

PHOENIX-Younan Properties Inc. places a contract on the 137,000-sf Four Gateway, now owned by Dallas-based Presidio Investments. The deal is scheduled to close in 30 days. Sources say the building's value pushes $20 million.

By Jennifer D. Duell | Updated on October 29, 2004

PHOENIX-In a move that further establishes Younan Properties Inc. as the largest office-building owner in the Valley, the Woodland Hills, CA-based company has committed to acquire the 137,000-sf Four Gateway from Dallas-based Presidio Investments.

In just six months, Younan Properties has expanded its Valley portfolio to 825,000 sf. While CEO Zaya Younan declined to disclose how much his firm offered for the asset, he did tell GlobeSt.com that the deal will likely close in 30 days. Based on Four Gateway’s age and occupancy history, industry experts estimate the value of the building is $16 million to $19 million.

Presidio Investments acquired Four Gateway when it purchased Washington, DC-based CarrAmerica Realty Corp.’s metro Phoenix office portfolio for nearly $100 million in 2001. The REIT developed the four-story building at 444 N. 44th St. in 1998.

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