COVINGTON, Louisiana —- (DECEMBER 22, 2010)
Stirling 601 Poydras, LLC , an entity comprised of local investors led by Stirling Properties, recently acquired the Pan-American Life Center in New Orleans, Louisiana from Equastone Real Estate Investment Advisors, a private real estate investment firm in San Diego, California.
Stirling Properties’ Senior Vice President of Acquisitions, Jeffrey L. Marshall, led the team in this effort to acquire the 673,000 square foot high-rise located at 601 Poydras Street. The exclusive management and leasing rights will be handled by Stirling Properties, whose portfolio now includes over 12 million square feet.
“We are very excited about the acquisition of the Pan-American Life Center,” said Marty Mayer, President and CEO of Stirling Properties. “Our acquisition team seized a tremendous opportunity to own what we believe is the premier office building in the Central Business District of New Orleans.”
Lewis Stirling, an Executive Vice President and Partner of Stirling Properties, views this acquisition not only as a positive investment for the company but also as a vote of confidence in the future of New Orleans. “I believe strongly that the acquisition and development opportunities in the city are going to be plentiful over the next few years. We expect that Stirling Properties will play a major role in New Orleans growth.”
The Pan-American Life Center is a 28 story, inclusive of an eight-story parking structure located above the ground floor, Class A office building with amenities that include a full-service cafeteria and conference center. Built in 1980 as the headquarters for the Pan-American Life Insurance Co., this multi-purpose facility now serves as the headquarters to several large employers and is 91% leased. For information regarding the Pan-American Life Center contact:
Marty Mayer at 985-246-3714 or firstname.lastname@example.org for acquisition questions
Gaines Seaman at 504-620-8187 or email@example.com for leasing opportunities