Younan Properties boosts presence in Chicago

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Younan Properties Inc. this week announced the acquisition of 211 East Ontario, a 172,000-square-foot, class A high-rise in downtown Chicago. The value of the transaction was not disclosed. Purchased from Zeller Realty Group, 211 East Ontario is located in the North Michigan Avenue submarket. The 18-story property, built in 1984, was 92 percent occupied at the time of sale by tenants that include Berman Center LLC, FireStar Communications, The Focus Centre of Chicago, LKH&S Inc., and Ruder Finn Inc. "We continue to strengthen our position as a dominant landlord in the Chicago office market with the acquisition of 211 East Ontario," said Zaya Younan, chairman & CEO of Younan Properties Inc. "We believe Chicago is one of the country's most promising office markets. Going forward, we see a significant recovery in office demand, which is fueled by office employment growth, recovery in manufacturing output and a significant migration of population and office employment in the ne...