{"id":1004033017,"date":"2011-10-11T05:33:59","date_gmt":"2011-10-11T13:33:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004033017"},"modified":"2022-12-08T23:41:48","modified_gmt":"2022-12-09T07:41:48","slug":"commonwealth-buys-one-shell-square-in-new-orleans-for-102m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commonwealth-buys-one-shell-square-in-new-orleans-for-102m\/","title":{"rendered":"CommonWealth Buys One Shell Square in New Orleans for $102M"},"content":{"rendered":"

October 11, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

Image Courtesy Wikipedia User Infrogmation<\/p><\/div><\/p>\n

It\u2019s a big one. More specifically, it\u2019s one of biggest in New Orleans since Hurricane Katrina. CommonWealth REIT has purchased One Shell Square from Metropolitan Life Insurance Co. for $102 million in a sale facilitated by Jones Lang LaSalle\u2019s capital markets group. <\/p>\n

Calling the asset a \u201cprestigious office tower,\u201d Evan Stone, managing director of JLL, was bullish on the building\u2019s future value. \u201cWhen we brought this asset to market,\u201d he said, \u201cwe knew 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.\u201d<\/p>\n

The 1.3 million-square-foot building is currently 88 percent leased to tenants including the Gulf Coast headquarters of Shell Oil, which has a 50 percent lease on the property until December 2016. Met Life recently completed a $40 million renovation. <\/p>\n

\u201cThe strong tenancy in place at the property appealed to the buyer given Shell Oil\u2019s occupancy, as well as the other notable law offices, accounting firms and engineering firms,\u201d Jack Crews, managing director of JLL, said. <\/p>\n","protected":false},"excerpt":{"rendered":"

In the largest office transaction since Hurricane Katrina, CommonWealth REIT has purchased the 1.3 MSF One Shell Square in New Orleans from MetLife for $102 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004033018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747],"tags":[],"class_list":["post-1004033017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"\nCommonWealth Buys One Shell Square in New Orleans for $102M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-buys-one-shell-square-in-new-orleans-for-102m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CommonWealth Buys One Shell Square in New Orleans for $102M\" \/>\n<meta property=\"og:description\" content=\"In the largest office transaction since Hurricane Katrina, CommonWealth REIT has purchased the 1.3 MSF One Shell Square in New Orleans from MetLife for $102 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-buys-one-shell-square-in-new-orleans-for-102m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-11T13:33:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:41:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101111-One-Shell-Square.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"919\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-buys-one-shell-square-in-new-orleans-for-102m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-buys-one-shell-square-in-new-orleans-for-102m\/\",\"name\":\"CommonWealth Buys One Shell Square in New Orleans for $102M - 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