LOS ANGELES (September 26, 2007) — Continuing its mission to become Houston’s top office landlord, Younan Properties, Inc. has completed its acquisition of Two Westlake Park, a 381,327-square-foot high-rise at 580 Westlake Park Boulevard in Houston. The 17-story Class A office building in the Katy Freeway West submarket of Harris County is Younan Properties’ sixth Houston acquisition since June. It brings the fast-growing firm’s holdings in the city to approximately 1.7 million square feet of Class A office space.

Younan Properties represented itself in the transaction. Ken Page, senior director of Cushman & Wakefield of Texas, Inc. represented the seller, Wind Realty of Chicago.

"Even in today’s extremely volatile commercial real estate market, Younan Properties has the resources, professionalism and business savvy to bring complex transactions to timely closings," Page noted. "With this acquisition, Younan has added a great asset to its portfolio, in the heart of Houston’s Energy Corridor, further demonstrating the vision and strength of its organization."

Commenting on his firm’s latest acquisition, Zaya S. Younan, chairman and CEO of Younan Properties, Inc., said, "In less than three months, we have made significant progress toward our goal of acquiring more than five million square feet of commercial assets in a city that is now on the verge of a major recovery and growth. Houston’s office market continued to perform strongly in the first half of 2007 and we remain extremely bullish about this city, as well as Dallas."

Younan noted that unemployment in Houston has been the lowest since late 2000. "In the Katy Freeway submarket, vacancy has seen a dramatic decrease, to just over 7%, despite having the bulk of new construction citywide in the past year. In submarkets like West Loop/Galleria and Katy Freeway, we’ve seen the largest overall absorption through mid-year, with 949,450 square feet combined out of the two million square feet total."

Situated in a 58-acre suburban office complex in west Houston encompassing three Hines-developed office buildings, Two Westlake Park was completed in 1982. It is currently 97% occupied with tenants that include multinational petroleum company Conoco-Phillips, global energy group BP and Merrill Lynch. With its interior placement in the complex, occupants have the benefit of a ¼-mile buffer from Interstate 10. In addition, they enjoy stunning exterior views of the surrounding park and proximity to hotels, restaurants and retail shops, including four shopping malls—Town & Country Mall, Memorial City Mall, West Oaks Mall and Katy Mills. The 55,000-square-foot WestLake Club, an athletic and social club, is located on the premises.

Now the third-largest owner of Class A office space in Texas, Younan Properties holds title to nearly 8 million square feet of prime commercial real estate in the state. In Dallas, it is the top office landlord, with approximately 12% of the city’s Class A assets. Nationwide, its holdings now total more than 10 million square feet of Class A office space.

In June, Younan Properties acquired 6464 Savoy in the desirable deed-restricted Regency Square Office Park in southwest Houston and Northbelt Corporate Center, an institutional-grade, 10-story office property at 2350 North Sam Houston Parkway East in Houston. It also owns Westchase Bank Building, an 11-story, 202,294-square-foot asset at 9801 Westheimer Road and Norfolk Tower, a 206,680-square-foot office building at 2211 Norfolk Street in Houston. Earlier this month, the company closed on two additional Houston properties: 1700 West Loop South, a 253,135-square-foot, 14-story high-rise in the prominent Galleria submarket; and Shepherd Place, a 14-story high-rise with 116,913 square feet.

Headquartered in Los Angeles, Calif., Younan Properties, Inc. is a privately-held real estate investment group, specializing in acquiring Class A office properties in high-growth markets throughout the United States. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, the company is recognized for its success in turning around undervalued assets and maximizing the value of stabilized assets. Through the application of proprietary technologies and proactive management, Younan Properties has delivered to its investors an average leveraged IRR of 65% on properties sold to date.

Since its establishment in 2002, Younan Properties has accumulated more than 10 million square feet of well-located Class A office buildings valued at more than $1.5 billion in key markets within Texas, Illinois and Arizona. Additional information about Younan Properties can be found at www.younanproperties.com.

###