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.