NEW ORLEANS-The Poydras Center, one of the most prominent high-rises in the city’s central business district, is for sale. The 453,255-square-foot, class A office building is expected to fetch between $55 million and $60 million.

The building’s owner, Santa Monica, CA-based Hertz Investment Group, selected Grubb & Ellis Co.’s Institutional Capital Markets Group to market the 27-story tower. Richard Plummer and Michael Ross, executive vice presidents, and Andrew Harper, vice president, will represent Hertz in conjunction with Bryan Burns III of Transwestern’s New Orleans office.

Located at 650 Poydras St., the building is just few blocks from the world-renowned French Quarter and adjacent to the Hale Boggs Federal Building, the local U.S. Courthouse. It sits on top of a nine-story parking garage, which allows unobstructed views of the city from the lowest leasable office suites.

The Poydras Center is leased primarily to law firms and the local U.S. Attorney’s office, which recently signed a 15-year lease to occupy 65,000 square feet, or 15% of the building. The new tenant is scheduled to move in late 2010. With the U.S. Attorney’s lease, the property is 90% leased, according to Plummer.

Developed by MetLife in 1983, The Poydras Center boasts annual net operating income of roughly $5 million. The property boasts assumable financing of $33.8 million at 6.17% rate through 2016.

Plummer tells GlobeSt. that Hertz Investment Group acquired The Poydras Center in 2002. The private investment firm, led by Judah Hertz, also owns four other office buildings in New Orleans, along with the Capital One Tower in Lake Charles, LA and the Regions Bank Building in Shreveport, LA.

In September 2009, the firm sold another New Orleans trophy building, the 26-story Dominion Tower, to Tom Benson, owner of the NFL Saints football team. He acquired the 600,000-square-foot building, which is adjacent to the Superdome and the New Orleans Sports Arena, with plans for it to house the Saints’ corporate office.

Plummer says Hertz Investment Group decided it was the right time to sell The Poydras Center. The new lease with the U.S. Attorney’s office provides consistent cash flow and the local economy and office market are very strong.

In fact, the New Orleans-Metairie-Kenner region has one of the lowest unemployment rates in the country, just 6% as of March 2010, according to the U.S. Bureau of Labor Statistics, as of March 2010. Similarly, the CBD office vacancy rate is one of the lowest in the nation at 10%, Plummer notes, adding that the city currently has more than $27 billion of capital programs underway.

Plummer says he expects private equity investors and non-traded REITs to bid on The Poydras Center. The marketing team will be accepting offers until the end of June.