NEW ORLEANS-Joseph and Eddie Hakim, localcommercial real estate developers, have bought the378,895-square-foot 1340 Poydras St. in the CBD. The buyersacquired the asset, formerly known as the Amoco Building, fromPetra Real Estate Opportunity Fund for $14.5million.

According to William J. Sitar and Douglas J. Sitar of Iselin,NJ-based Sitar Realty Co.-TCN Worldwide, the buyers liked thelocation of the office building, which is across the street fromcity hall and next to the Louisiana Superdome. The Sitars, whorepresented the buyer in the transaction, that the Hakims also liked thepotential upside based on 32% occupancy. To that end, the newowners are working on building upgrades, beefing up management andleasing the vacant space.

Records show that Petra Real Estate had acquired the building inearly 2012 for $18 million. The 21-story, 280-foot-tall buildingwas built in 1977 and offers office space with a small amount ofretail space on the ground level.

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