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Jun. 17, 2013

1.2 MSF Office Complex Sold In Metairie

By Eliza Theiss, Associate Editor

One of Louisiana’s biggest office complexes has just sold. The three-tower Lakeway Center in Metairie was purchased by New York-based The Feil Organization for an undisclosed amount.  Holliday Fenoglio Fowler marketed the property on behalf of Equity Office Properties.

Located at 3900 North Causeway Blvd., the 1.2 million-square-foot office complex sits at the foot of Lake Pontchartrain, within easy access to downtown New Orleans, the New Orleans International Airport, as well as the affluent Metairie and Northshore residential areas. The Class A office complex comprises three towers, all of which are among the 10 tallest buildings in Jefferson Parish. One Lakeway Center is 14 stories and 193 feet tall and was completed in 1982. It is the sixth-tallest structure in Jefferson Parish, while Two Lakeway Center, at 259 feet and 19 levels, is the third highest. Three Lakeway, at 34 floors and 403 feet high is the tallest structure in Jefferson Parish and the 13th highest in the Greater New Orleans area.

Lakeway Center currently boasts a 90.5 percent occupancy, rate with a tenant roster that includes names such as People’s Health Network, Fresenius Medical Care, EDG Inc. and the Drug Enforcement Administration. Some value-add renovation could soon be undertaken at the office complex, as Jeffrey Feil, the new owner’s CEO, declared in a press release: “We plan to continue to maintain and upgrade Lakeway Center to ensure it remains a top-tier office destination,” adding “This transaction builds on our nearly 40-year track record of investment and job creation in the greater New Orleans community.” Forbes has named that community the third best U.S. city for job growth in the information, publishing, software, entertainment and data processing industries.

Three Lakeway Center also includes a hotel component, not part of the purchase.

The Feil Organization, an investment, development and management firm based in New York City, owns, develops and manages more than 26 million square feet of retail, commercial and industrial properties, as well as in excess of 5,000 residential units throughout the United States. The company also has several hundred net-leased assets in its portfolio, as well as thousands of acres of undeveloped land.

Its holdings in the greater New Orleans area include four office properties in the same area as the Lakeway Center–namely, 3445 North Causeway Blvd. and Causeway Plazas I, II and III–as well as other Metairie properties, such as the Metairie Towers and The Galleria, and the Oakwood Corporate Center in Gretna. The Feil Organization also owns the Lakeside Shopping Center in Metairie, located just a mile from Lakeway Center, as well as the Carrollton Avenue site in New Orleans where the city’s first Costco is currently under development. (Click here to read more about the New Orleans Costco’s road to development.)

Image courtesy of Equity Office Properties.