Overview
Goodwin Advisors and Property One are pleased to present to qualified investors the opportunity to acquire Executive Tower (the “Property” or “Building”), an exceptional value-add investment opportunity located in Metairie, Louisiana. Executive Tower is a 14-story office tower originally designed with a mid-century modern style that is currently 85.7% occupied (down slightly from 91%).
The Building is located in the heart of the Metairie Business District on over five acres, three of which are currently a surface parking lot that is prime for redevelopment. The Development Site has broad zoning rights and is located within an Opportunity Zone.
The Building is the premier Class B office tower in the very stable Metairie office market. Current ownership acquired the Property in 2018, has invested in important back of the house capital improvements and pushed rents. The estimated three-acre surface parking lot is highly sought-after development site in a key location in the most valuable district of Metairie. Development here would be highly advantageous to Jefferson Parish government, who has indicated support for investment at this site.
The existing cash flow of the Property with the ability to push rents plus the development of the surface parking lot combine to make a generational or medium to long-term investment opportunity.
Investment Highlights
Well Capitalized and Active Ownership
- Above-market tenant retention
- Loyal, high-quality tenants
- Proactive capital investment
Near-Term Upside Potential
- Mark-to-market of expiring leases
- Lease up of well-located vacant suites
- WALT of 2.7 years
Urban, Amenity-Rich Environment
- Amenity dense and mixed-use business environment
- Walkable to multiple restaurants and retail stores
- A short drive to a wide range of retail centers, restaurants, retailers, luxury auto dealers and other amenities
Central Location / Ease of Access
- Interstate 10 is THE east/west artery in Greater New Orleans
- Adjacent to the 24-mile Causeway Bridge, which is the fastest and only direct connection to the North Shore communities
- Easy drive to high-end residential neighborhoods to the east in Lakeview, south to Old Metairie and the Garden District and north to Covington and Mandeville
- Proximate to the Lakeside Mall, Causeway Bridge and Interstate 10
Very Strong Historical Capital Investment
- $3.3 million invested since 2018 including capex and leasing costs
- Important capital enhancements made include new chillers and cosmetic upgrades
Prime Urban & Walkable Multi-Family Development Site
- Metairie is under served by new multi-family residential units - only one significant new rental project has been completed in decades
- The Site is walkable to a vast number of amenities including retail, restauarants and services
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