Younan Hires Local Office Expert Weston to Operate Houston Portfolio

After acquiring more than 2 million square feet of office space in the Houston area in the past year, Younan Properties Inc. has hired local office expert Pam Weston as general manager to oversee its rapidly-growing Houston portfolio. In the fourth quarter of 2007, Younan acquired Bridgewood I, Bridgewood II and Greenbriar Place, all in the Greenspoint/North Belt submarket, as well as 1010 Lamar in the city’s CDB. Other 2007 Houston acquisitions include Two Westlake Park, a 382,000-square-foot, 17-story high-rise; 1700 West Loop South, a 15-story, 254,000-square-foot building in the Galleria submarket; and Shepherd Place, a 14-story 188,000-square-foot office building in the Regency Square Office Park; Northbelt Corporate Center, a 10-story office property at 2350 North Sam Houston Parkway East; and the Westchase Bank building, an 11-story, 203,000-square-foot asset at 9801 Westheimer Road. It also owns Norfolk Tower, a 207,000-square-foot office building at 2211 Norfolk Street. “We have been following the Houston market for quite some time. We started seeing indicators that this market’s fundamentals were improving and accelerating very quickly,” Zaya Younan, chairman & CEO of Younan Properties, told CPN in December. “We saw a tremendous migration of Fortune 2000 companies coming into this market. It has strong employment and lower unemployment than New York City.” “We started a year ago to strongly acquire office buildings in Houston and all of the submarkets,” Younan said. “The strength of the market has spilled into the submarkets and we have bought a lot of assets in a short period of time. I think the momentum in the Houston market is so strong, that this growth will continue for the next three to five years. It is the second hottest economy in the entire United States, generating more jobs than New York City. Those are really strong indicators.” Weston (pictured) has more than 15 years of commercial real estate experience in office buildings, retail and medical office space. Most recently, she was regional manager for a portfolio of major retail centers for Henry S. Miller Multi Management. Before that, she served as manager with Boxer Property with responsibility for multiple office buildings in Houston. She also previously held positions with Mac Haik Management and with Kennedy Wilson Property Management, all located in Houston. A resident of the Houston suburb of Spring, Weston is a member of BOMA. “The addition of Pam to our management team brings a high level of expertise locally to oversee a portfolio of 11 buildings with 2.2 million square feet of office space,” John Cook, Younan Properties vice president of asset management, told CPN. “Her addition to the team is a very strong step for us and demonstrates our commitment to the Houston market. We’re not going to manage from afar. We are building a local team with a lot of local experience. With the depth in that market, we want to assure our tenants get the best in management.” In 2007, Younan Properties acquired about 4 million square feet of office space in Texas overall. Headquartered in Los Angeles, Younan Properties, a privately-held real estate investment group, specializes in acquiring Class A office properties and has accumulated nearly 11 million square feet of such assets, valued at more than $1.5 billion, in Texas, Illinois and Arizona.