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.
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