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Younan Making $36M Bet On Northwest Suburbs

ARLINGTON HEIGHTS, IL-Woodland Hills, CA-based Younan Properties Inc. is buying nearly 300,000 sf of Northwest suburban office buildings, getting One North Arlington here as well as Embassy Plaza in nearby Schaumburg.

By Mark Ruda | Updated on November 21, 2005

ARLINGTON HEIGHTS, IL-Betting on a turn-around in the suburban office market, Younan Properties Inc. is buying a 158,879-sf building here as well as a 140,196-sf asset in nearby Schaumburg. The Woodland Hills, CA-based investment company says it has deals in place to buy One North Arlington for $24 million as well as Embassy Plaza for $11.5 million.

With the 110,000-sf Prairie Stone Commons in Hoffman Estates, acquired earlier this year for $16.5 million, Younan Properties will own 409,000 sf of Northwest suburban office space. Believing the submarket is “oversold,” chairman and chief executive officer Zaya S. Younan hopes to increase his holdings here to one million sf.

“We have been monitoring Chicago’s Northwest office markets for the past two years,” Younan says. “We believe this is the best time to acquire good quality assets and position ourselves for a great turn-around, which we predict in the next six to 12 months.”

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