Younan Properties to Acquire 180 North LaSalle in Downtown Chicago; Latest Purchase Increases LaSalle Office Holdings to 1.4 MSF

Younan Properties, Inc., one of the nation’s fastest-growing, privately held real estate investment and asset management firms, announced today that it is under contract to purchase 180 North LaSalle, a 38-story, Class A office building in the heart of Chicago’s Central Business District.

Younan represented itself in the transaction. Jamie Fink of Holliday Fenoglio Fowler, L.P. (HFF) represented the seller, Prime Group Realty Trust.

Zaya S. Younan, Chairman and Chief Executive Officer of Younan Properties, commented on the transaction. “This property offers attractive upside potential because of its superior central loop location and below market rents.” Younan continued, “We currently own 200 North LaSalle, which is adjacent to this building. This purchase effectively makes us the largest landlord on LaSalle with 1.4 million square feet of rentable space. We expect to be equally successful stabilizing this asset as we have with our other North LaSalle property.”

The 770,000-square foot office building was designed by award-winning architect Harry Weese Associates and built in 1971. It received a $21 million renovation in 1999, which included a new building façade, improvements to the building’s operating systems, elegantly renovated ground floor lobby and elevator and common area upgrades. With its unmatched proximity to State, County and City government buildings, 180 North LaSalle’s location provides unmatched access and ease of transportation for government-related businesses. The property is 87% leased to a highly desirable roster of professional tenants including anchor tenant Accenture, the largest consulting firm in the world, which leases 23% of the building.

Last month, Younan announced that it had sold 211 East Ontario in Chicago, located adjacent to the Magnificent Mile shopping district, to Northwestern Memorial Hospital in a transaction that netted investors more than 100% return on investment.

“Because of our strong financial position, reputation in the market and ability to close deals quickly, we are active in asset acquisition where others are not. We will continue to look for new opportunities to acquire premium assets with fair market values and we anticipate more announcements in the next few weeks in selected markets,” Younan added.

Headquartered in Los Angeles, Younan Properties specializes in acquiring Class A office properties in high-growth U.S. markets. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan is recognized for turning around undervalued assets and maximizing the value of stabilized assets. Younan has accumulated nearly 15 million square feet of Class A office buildings valued at more than $2.0 billion in Texas, Illinois and Arizona. Contact Younan at www.younanproperties.com.