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Wednesday, Mar 22, 2023

Younan Registers for $575 million IPO

Woodland Hills-based Younan Properties registered with the U.S. Securities Exchange Commission to do an initial public offering worth up to $575 million. BofA Merril Lynch, Citi, and Credit Suisse are underwriting the proposed offering. Younan is an owner and operator of primarily Class A office properties located in five major U.S. office markets including: Dallas-Fort Worth, Chicago, Houston, Phoenix and Los Angeles. Two prominent properties in Dallas are the 50-story Thanksgiving Tower and 34-story KPMG Center. Last year the company also purchased the WarnerView Corporate Center located at 5959 Topanga Canyon Blvd. in Woodland Hills. As of Dec. 31, Younan’s portfolio consisted of 35 office properties with approximately 11 million rentable square feet. The company expects to qualify as a real estate investment trust for federal income tax purposes.

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