Woodland Hills, Calif.-based Younan Properties Inc. has announced the acquisition of Norfolk Tower, a 206,680-square-foot office building in Houston, Texas.

The value of the transaction was not disclosed.

Younan purchased the 11-story property from Boston-based ING Clarion, which marks the company’s fourth acquisition in the city.

Built in 1982, Norfolk Tower, located at 2211 Norfolk St., is set on 2.3 acres along Highway 59 at Greenbriar Street, minutes from Rice University as well as the renowned Texas Medical Center. The rich brick masonry office building was 75 percent occupied at closing by major tenants that include Frost Bank, Houston Medical Records Inc., Groundwater Services, Global Search Consulting L.P. and TranSystems Corp.

“After several years of decline, the Houston office market is showing clear signs of recovery and we are very confident about a continuing upward trend,” said Zaya S. Younan, chairman & CEO of Younan Properties. “Leasing activity is strong, rents have started going up, vacancy rates have declined, and we believe this is the prime time to capitalize on the upswing.”

In 2006, Younan Properties aims to acquire another five million square feet of class A office space in high-growth markets, with a focus on acquisitions in Texas, Florida, Illinois and other areas of the Southwest. 


What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription