DALLAS—Younan Properties, Inc., a privately-held, national real estate investment and management company that owns office buildings in five major U.S. office markets announced it had signed 140,000 square feet of new deals and renewals in its Dallas office properties over the past 12 months. Overall leasing demand continued to improve in the Park Central and LBJ Expressway submarkets where Younan's properties are located.
According to Zaya Younan, chairman and CEO, "The Metroplex posted 2.7 million square feet of absorption in 2012. Dallas remains one of the best metropolitan areas in the country to do business, and with 5.7% unemployment it remains one of the top corporate relocation centers in the nation. In 2012, occupancy grew throughout our Dallas portfolio, and we are posting significant gains in the first quarter of 2013. The net absorption ratio in our portfolio was slightly higher than the market net absorption ratio."
Graystone Centre, a 301,378 square foot, 15-story tower in the LBJ submarket, signed more than 36,000 square feet of renewals and new leases with a diversified roster of financial services, professional staffing, engineering and technology companies.
According to Blake Shipley, Vice President, Jones Lang LaSalle and leasing broker for Graystone Centre, "The LBJ submarket has turned the corner. We've seen greater leasing velocity and tenant's beginning to commit to space on a longer term basis. There is no doubt that the LBJ highway project, once completed, will connect the city in exciting way. Graystone Centre is well positioned with convenient access to LBJ – we have two full floors remaining with top of building signage opportunities."
Galleria Plaza, a 189,104 square foot tower also located in the LBJ, is undergoing significant upgrades including a lobby renovation, spec suites and new conference center, which has made it especially attractive to new and existing tenants.
Lakeside Square, an 18-story, 403,120 square foot high-rise in the Park Central submarket, has leased more than 26,000 square feet of new leases and renewals in the last 30 days. Burson Holman, First Vice President, CBRE serves as leasing broker. Lakeside Fitness Center, a new 2,400 square foot professionally designed, full service gym recently opened to tenants, and Murphy's Deli is scheduled to open in several weeks. Additional renovations commencing soon include elevator upgrades, a garage lighting retrofit and spec suite development.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
