Los Angeles, July 18, 2017 (GLOBE NEWSWIRE) -- Younan Properties Inc., a global commercial real estate owner and manager, has acquired Burbank Corporate Center at 21900 Burbank Blvd., an institutional quality, multi-tenant office building in the Warner Center submarket.
“The greater Los Angeles commercial real estate market is among the strongest performers in the country,” said Zaya S. Younan, Chairman and CEO of Younan Properties. “The Warner Center submarket is emerging as a submarket that delivers consistent, positive absorption as the result of ongoing demand for office space, employment growth, heavy population density and an improving living environment.” He continued, “We have owned assets in this submarket and always have outperformed our peers in both occupancy and rental rate growth. With our fully-integrated platform and operational expertise, we will leverage our resources to improve efficiencies and drive leasing demand at Burbank Corporate Center.”
Mark A. Perry, Senior Vice President of CBRE represented Washington Capital, a fund manager for the seller. Remarking on the deal, Perry said, “Younan's ability to handle complicated transactions quickly and seamlessly was one of the many reasons the seller selected them for the transaction. They perform as promised and close on time.”
Burbank Corporate Center at 21900 Burbank Blvd., is a 91,109 square-foot, Class “A” former BOMA building of the year. The property is 83% leased and offers immediate access to and exceptional visibility from the 101 Ventura Freeway. The three-story asset is situated on 2.15 landscaped acres and features a two-story granite and glass lobby, 24/hour access control and 284 parking spaces of surface and underground parking. There are myriad retail and dining amenities within walking distance including Westfield Topanga Plaza and The Village.
With over 17.5 million square feet of commercial space, the Warner Center submarket serves as the CBD of the San Fernando Valley and the communities to the north (Santa Clarita Valley, Lancaster, and Palmdale) and to the west (Ventura County). It encompasses approximately 2,000 acres of master-planned office, retail and “lifestyle” residences, and enjoys one of the most favorable jobs-to-housing balances in Los Angeles.
Younan concluded, “This is an exceptional asset in a well-performing submarket. We plan on relocating our corporate headquarters to Burbank Corporate Center in fall, and will continue to deliver the kind of personalized management services that our tenants have come to expect from Younan Properties.”
About Younan Properties
Founded in 2001, Younan Properties makes principal investments and provides asset management services for Class A office assets and retail centers in the U.S. on behalf of private, corporate and institutional investors. Through successful acquisitions and strategic dispositions, the company has assembled a fully scalable platform providing leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. Domestically, the company owns and manages properties in Chicago, Los Angeles, Dallas, Houston, Phoenix and Colorado Springs. In 2015, the Company formed the Younan Collection a wholly-owned subsidiary to acquire historic, luxury hotels, golf courses and resort properties in Europe. The Collection currently owns five castle hotels and three golf courses in France. Information at www.younancollection.com
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/80d371a0-b75e-4e8a-a723-84b520909602
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/45563c4a-62fe-4e36-9381-88a3c6cb749b