Younan Properties’ Presence In Major Markets Means Leasing Still Ongoing

Businesses looking for the most office space and amenities on a tight budget need to find the right commercial real estate investment company. They need investors and facility management teams with expertise in leasing, financing, marketing, property acquisition, asset management, facility operations, property redevelopment and commercial real estate.

One firm, Los Angeles-based Younan Properties, offers those kinds of human resources. The company, which has offices in five major cities in the Midwest and western United States, continues to add to this expertise, even in the difficult economy, through it hiring choices. Robert Peddicord has been hired as the new chief operating officer, Terry Smolich was hired as the new vice president of human resources, Brian Hennessey as the vice president for leasing and Sarah Sadat as the director of finance and treasurer.

The company also is still acquiring properties, although these aren't your typical offices. Younan Properties leases commercial space in Los Angeles, Dallas-Fort Worth, Houston, Phoenix and Chicago, and offers premier space that had been built previously and then has sat unoccupied for a while. The firm acquires these properties, like The Meridian in Dallas or the WarnerView Corporate Center in Los Angeles, then makes value-added improvements to the buildings that help bring in respected, prosperous tenants to fill these high-quality commercial spaces that had been sitting empty for whatever reason. This keeps overhead costs low for Younan and also means potential tenants have a greater number of options when they're looking for spaces they want to lease and helps Younan Properties to provide more efficient buildings, more cost effective facility management and greater responsiveness to tenants, so everybody's happy.

Yes, everybody, not just the tenants or the company. This approach brings value and economic development into the community surrounding these buildings as well. Tenants in one of the 35 properties go to work every day in attractive, attention-grabbing buildings, which advertises to clients that this is a good place to do business. At the same time, leasing space in one of Younan Properties' buildings provides many of the perks businesses need and want, including conference rooms and auditoriums, communications ability, security and inviting common areas.

The neighborhoods around these striking properties and the whole community benefit because these properties that had been sitting empty and not bringing in business at all now are occupied by businesses who have employees and clients coming to their offices on a regular basis. This means more people will be shopping and dining and in these neighborhoods, and more clients will be in the city for meetings and conferences and to do business with these companies. The increased activity also should make these areas more walkable and friendly and result in less crime.

The economy remains down, and businesses are still struggling. Even in these major markets, doing business is harder than it has been in the past because companies are fighting for fewer customers and fewer dollars. Relocating or starting a business is going to be difficult. However, these markets offer perks that others don't have that will help businesses thrive in both a good and bad economy. Los Angeles and Chicago are two of the busiest markets in the world; international travelers, goods and money flow through their cities daily. Houston and Dallas-Fort Worth have the advantage of being part of the Texas economy, which has not been as adversely affected by the downturn in the economy and is still seeing production. Phoenix, while it has struggled with the bursting of the construction bubble, was one of the fastest-growing metropolitan areas in the nation before the bust and likely will retain that title as the economy picks up.