Place St. Charles
New Orleans, LA
In 1994, Loeb, acquired this 1,008,000 sf class A office building with a 50/50 joint venture partner from a financial institution which had foreclosed on the asset. At acquisition, the Property was 89% leased, but only 60% occupied. In conjunction with the acquisition, Loeb completed capital improvements and substantial tenant improvements at a cost of approximately $9,300,000 in order to install a new lead tenant, the First National Bank of Commerce, in approximately 290,000 sf of space. Within the first three years of ownership, the building was substantially improved, including the refurbishment of the lobby with modern finishes, and the occupancy further increased. The property’s occupancy was ultimately increased to 99.5%, and in 2008 Loeb achieved one of the highest psf sales prices in New Orleans history, notwithstanding that the sale closed during the height of the financial crisis.