Younan Properties Inc. has purchased a 158,879-square-foot office building in Arlington Heights, Ill., which brings the firm’s holdings to 420,000 square feet in northwest Chicago.

The value of the transaction was not disclosed.

Seattle-based Kennedy Associates sold the property, One North Arlington, which rises seven stories and is located at 1500 West Shure Drive. Built in 1986, the property was 96 percent occupied by major tenants that include State Farm Automobile Insurance Co. and AMCOL International, both of which have leased space in the building since it was built.

Along with Embassy Plaza, a 140,196-square-foot, seven-story class A office building in Schaumburg, Ill., Younan Properties’ owns Prairie Stone Commons, a 110,000-square-foot, class A office complex in Chicago.

“We have made steady progress leasing our existing buildings in Chicago’s northwest office market and we will continue to buy new buildings as long as this positive trend continues,” said Zaya S. Younan, chairman & CEO of Younan Properties. “The Chicago office market is recovering from the 2001 recession due to the recent positive absorption in the market, which supports this outlook. We also see the beginning of significant flow of funds in the Chicago market and strength in manufacturing and office employment.”

Woodland Hills, Calif.-based Younan Properties Inc. is a real estate investment group that specializes in acquiring class A office properties in high-growth markets throughout the United States.

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