Younan continues office expansion outside Chicago

Buys third major property in region

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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, ...