31-Story CBD Office Tower Sells to Local Developer

by • May 6, 2014 • Acquisitions, Central Business District, OfficeComments (0)3061

Photo via loopnet.com

Photo via loopnet.com

1010 Common St., the sparsely occupied 31 story office tower in the CBD, has been purchased by New Orleans developer Mohan Kailas.

Kailas purchased the 31-story office tower through a business entity known as 1010 Common LLC.

According to Orleans Parish conveyance records, the building sold April 3 for $16.6 million. Records show that Kailas’ group bought the building from Continental Common Inc.

Continental Common Inc. purchased the property in 1998 for $14.5 million.

According to the conveyance record, 1010 Common Inc. assumed a $16.25 million promissory note to PNC Bank of Pittsburgh.

Word on the street is that 1010 Common, which stands at 512,000 square feet, is only 41 percent leased! The current quoted rental rate is $13.75 per square foot.

The building also includes 11,000 square feet of available retail space, a 14-story annex building with 12 floors of parking, two additional floors of office space and ground floor retail space that a restaurant and a Charles Schwab branch occupy.

Kailas, a well known and some would say even infamous developer, owns many buildings throughout the city, including the currently proposed $70 million 1031 Canal project.

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