HOUSTON-When Younan Properties Inc. entered the Houston market in early summer, the plan was to acquire 3.5 million sf of office space by year’s end. The buyer has exceeded its goal via a year-end buy of a three-building portfolio totaling 420,410 sf in Greenspoint.

Zaya S. Younan, chairman and CEO of the Los Angeles-based investment group, is investing close to $35 million in the acquisition and renovation of Greenbriar Place and Bridgewood I and II, all next door to each other. Younan bought the portfolio from KBS Realty Advisors of Newport Beach, CA.

Younan says the three buildings will be an addendum to the 156,572-sf Northbelt Corporate Center at 2350 N. Sam Houston Pkwy. East, which he bought in July. The assets are less than three miles west of Northbelt Corporate Center. “Greenspoint is the last submarket to feel the recovery, but it’s starting to do well because of a lack of available space in other submarkets,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.