Younan Properties is bullish on the northwest suburban office market, having already acquired the 110,000-sf Prairie Stone Commons in Hoffman Estates as well as the 140,196-sf Embassy Plaza in Schaumburg. The firm has a goal of a one-million-sf portfolio here by the end of 2006.

"We have made steady progress leasing our existing buildings in Chicago's northwest office market and we will continue to buy new buildings as long as this positive trend continues," says chairman and chief executive officer Zaya S. Younan. "The Chicago office market is recovering from the 2001 recession due to the recent positive absorption in the market, which supports this outlook. We also see the beginning of significant flow of funds in the Chicago market and strength in manufacturing and office employment."

The most recent acquisition is now 96% occupied, Younan Properties claims, with a tenant roster that includes State Farm Automobile Insurance Co. and AMCOL International, charter tenants since the building's 1985 opening. Published net lease rates at One North Arlington are $13 per sf.