As part of the repositioning, Younan renamed the four-story building at 3027 Marina Bay Dr. to Marina Plaza. It formerly was known as One Harbour Square. The Woodlands Hills, CA-based company also increased occupancy from 40% to 65% and reduced operating expenses by 33% during the hold. The building, with a quoted rent hovering $14 per sf, is assessed at $2.1 million by Galveston County.

Chairman and CEO Zaya Younan, says the hold produced a 22% internal rate of return. The building's lead tenants are Wachovia Securities and Lawyers Title.

According to Younan, the disposition is part of the company's strategy to sell non-core, small office properties and replace them with larger class A buildings in better submarkets. Younan's focus for the past year has been Phoenix, citing strong job and population growth as his motivation. He has become the largest office building owner in the Phoenix metro, accumulating nearly 820,000 sf. And, he says, the plan is to reach 1.5 million sf by the end of this quarter.