Younan

The Dallas portfolio is 70% leased, below the overall 75% lease rate for the company's full portfolio, Mr. Younan says.

Younan Keeps Aim High Maura Webber Sadovi 2011

The Dallas market's struggle with high vacancies may have also turned some investors off of the Younan public offering, says Michael Knott , a managing director at Green Street.

Younan Keeps Aim High Maura Webber Sadovi 2011

Younan Properties has not formally filed to withdraw from the process because Mr. Younan says he still hopes to follow that path once the market recovers.

Younan Keeps Aim High Maura Webber Sadovi 2011

In the latest sale, Younan Properties, based in Woodland Hills, Calif., fetched $95 million for three Dallas office buildings known as Energy Square north of downtown with about 950,000 square feet, a person familiar with the deal said.

Younan Keeps Aim High Maura Webber Sadovi 2011

"We recognize and agree that the market's not there now," says Mr. Younan.

Younan Keeps Aim High Maura Webber Sadovi 2011

The sale comes just as Younan faced $75 million in debt coming due on the property, according to Mr. Younan.

Younan Keeps Aim High Maura Webber Sadovi 2011

Mr. Younan was also hurt by the closing of the public markets to new real estate offerings.

Younan Keeps Aim High Maura Webber Sadovi 2011

Mr. Younan, of course, is one of many developers who have downsized during the downturn.

Younan Keeps Aim High Maura Webber Sadovi 2011

Mr. Younan also says he is also repositioning the company to grow once the market recovers.

Younan Keeps Aim High Maura Webber Sadovi 2011

Mr. Younan, 48 years old, immigrated to the U.S. when he was 13 and got a mechanical engineering degree from the University of Illinois.

Younan Keeps Aim High Maura Webber Sadovi 2011