G
ayle Benson, owner of the New Orleans Saints and Pelicans, is purchasing 1515 Poydras Street, a 27-story office tower in downtown New Orleans. The building, located across from Caesars Superdome, will be managed by Corporate Realty, Benson's real estate management firm. The sale from current owner FCA Partners is expected to close by mid-July.
Benson has also taken over management of two other office towers: the Energy Centre in New Orleans and the Pinnacle building in Jackson, Mississippi. The purchase price for 1515 Poydras was not disclosed, but it's valued at around $25 million according to public records.
The building has struggled with low occupancy rates, with less than 23% of its space leased out. FCA Partners had previously sought to convert part of the building into apartments or condominiums due to high construction costs, but made little progress.
Benson plans to take a fresh look at the building and decide on further investment and leasing strategies. She remains optimistic about the development of New Orleans' medical district and plans to renovate the derelict Charity Hospital, which will serve as an anchor tenant for Tulane University.
The purchase reflects Benson's confidence in the city's future and her commitment to enhancing the Sports and Entertainment District. The deal also comes as part of a larger effort to revitalize downtown New Orleans and support biomedical research and entrepreneurship in the BioDistrict.
