MetLife Sells One Shell Square for $102 Million, Largest New Orleans Property Sale Since Hurricane Katrina

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Jones Lang LaSalle's capital markets team has just completed the sale of the 1.25-million-square-foot office building One Shell Square in New Orleans on behalf of Metropolitan Life Insurance Company.  A public REIT purchased the 51-story, Class AA office tower which is located in the Central Business District in New Orleans, Louisiana, for $102 million. This offering represents the largest office property sale since Hurricane Katrina hit the region in 2005.

Managing Directors Evan Stone, Jack Crews and John Alvarado of Jones Lang LaSalle's Capital Markets team completed assignment. The trio are investment sales leaders in New Orleans having completed the sale of nine of the largest asset sales in New Orleans in the past 10 years.

"When we brought this asset to market we know we could capitalize on the influx of investors looking to place capital beyond the core cities and into high performing assets like One Shell Square. This is one of the most prestigious office towers in New Orleans and the value of asset remains strong considering today's economic environment," said Stone.

One Shell Square is 88 percent leased to an impressive tenant roster including the Gulf Coast headquarters for Shell Oil, a wholly owned subsidiary of AA credit rated (Standard & Poor's) Royal Dutch Shell, which leases 50 percent of the Property until December 2016.

"The strong tenancy in place at the property appealed to the buyer given Shell Oil's occupancy, as well as the other notable law offices, accounting firms and engineering firms," added Crews.

One Shell Square sits at the corner of Poydras Street and St. Charles Street, the most prestigious location in the city. The property is also near several government buildings and courthouses, including the Hale Boggs Federal Building / U.S. Court House, the John Minor Wisdom U.S. Court of Appeals (Fifth Circuit) and the F. Edward Hebert Federal Building. It is within walking distance to City Hall, the State Supreme Court and the Medical Center. The world renowned French Quarter and trendy Warehouse District are only a few blocks away. This Skidmore, Owings and Merrill designed Property is clad in a handsome Italian travertine and bronze glass exterior.

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