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Younan Closes on One North Arlington

ARLINGTON HEIGHTS, IL-Seattle-based Kennedy Associates gets $24 million for the 158,879-sf building, now 96% occupied. Woodland Hills, CA-based Younan Properties now owns 420,000 sf of office space in the northwest suburbs.

By Mark Ruda | Updated on January 10, 2006

ARLINGTON HEIGHTS, IL-Woodland Hills, CA-based Younan Properties Inc. has closed on its third northwest suburban office property in the past year, with the addition of the 158,879-sf One North Arlington at 1500 W. Shure Dr. Seattle-based Kennedy Associates gets $24 million for the seven-story building overlooking Route 53, $7 million more than the price it paid in April 2001.

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.

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