JSB Interests will take 38,000 sf for its new headquarters in the coming weeks. The remaining 50,000 sf will be leased long term by the Shaw Group Inc. as a base for hurricane recovery work. Shaw, headquartered in Baton Rouge, is involved with Louisiana's "The Road Home" project, a $7.5-billion plan to rebuild, repair or buy out hurricane-damaged homes.
Ironically, the hurricanes were one reason why the class B building at 8282 Goodwood Blvd. was slow to sell. According to Beau Box, who brokered both sides of the deal, Unitrin, Union National Life's parent company, had to relocate many of its Gulf Coast operations to the 20-year-old Baton Rouge building until things settled down.
"We had a lot of interest after Katrina, but a lot of offers were turned down," says the local broker and president of Beau Box Commercial Real Estate. Box tells GlobeSt.com that several offers were for the full $5-million list, but the seller needed relocation time. "We couldn't sell it until they moved out," he says, "and they couldn't move out until operations were shifted to St. Louis."
Box adds that everything happened quickly once Union National Life moved to St. Louis. "The deal closed on a Friday and they moved out on a Friday, then Shaw moved in that Monday," he adds, citing office quotes of $15 per sf to $20 per sf depending on amenities and services.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.