Commercial Properties Realty Trust Buys Downtown Baton Rouge Office Building for $2.2M
- Sep 24, 2014
Commercial Properties Realty Trust, the real estate arm of the Baton Rouge Area Foundation, continues to be active on the Baton Rouge real estate market. After breaking ground on The Onyx Residences, the newest apartment complex in the city’s downtown, the company last week acquired an office building at 500 Main Street.
According to The Greater Baton Rouge Business Report, Commercial Properties Realty Trust paid $2.2 million for the 14,000-square-foot building, currently the home of Canadian engineering firm Stantec Consulting Services. The sale closed on Thursday, Sept. 18.
Highland Road Properties Inc. was the seller. The company is headed by Steve Boudreaux, Mike Bruce and Michael McGaugh, all principals with ABMB Engineering. Stantec purchased ABMB Engineering in 2012. The Advocate reports that Stantec will remain in the building and that Commercial Properties Realty Trust will take over as landlord.
Earlier this year, The Times Picayune reported that the Baton Rouge office market is expected to show continued improvement this year. Citing Brandon Pesnell, executive vice president of Beau Box Commercial Real Estate, the newspaper said that the revival of the engineering industry and numerous office building sales led to the continued improvement of the city’s office market in 2014.
At the same time, occupancy has increased, reaching 88 percent. The low vacancies are a result of a steady flow of new tenants replacing old ones, and of companies looking to expand.
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