Younan’s Thanksgiving Tower purchase makes history

Deal marks company's largest single-asset acquisition ever

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Younan Properties Inc. today announced it has completed its largest single-asset acquisition since the firm's founding with the purchase of the 50-story Thanksgiving Tower in Dallas, Texas. The acquisition, the price of which was not disclosed, comprises 1.4 million square feet of class A office space located at 1601 Elm St. Morgan Stanley sold the building, which was built in 1982 and features a distinctive "sawtooth" exterior that allows for 16 corner offices on each floor. At the time of sale, the property was 60 percent occupied by long-term tenants that included Hunt Petroleum, Gardere Wynne Sewell and Comerica Bank. This purchase brings Younan Properties' office holdings in Dallas to 13, totaling 6.2 million square feet of class A space. Nationwide, its office portfolio now encompasses 26 properties totaling 9 million square feet of space. In 2007, Younan aims to double its 2006 acquisition activity, as it plans to invest $2 billion to $3 billion in commercial real estate. ...