Former FEMA Office Building in New Orleans Goes to Auction

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Sellers' desire to sell quickly leads to an online auction on Freedom Realty Exchange (FRE.com) as the best opportunity for a buyer from anywhere in the world to purchase the building

Premier Office Building on the Westbank

When a Seller wants to move quickly, especially with this type of property, an online auction provides the best opportunity to reach a larger market with the message 'we're serious about selling'.

The six-story atrium building located in a lush park setting housed FEMA employees for nearly ten years. 1 Seine Court, considered the premier address on the Westbank, was previously listed at $12MM for the building only, but now the sale includes over 11 acres of prime development land zoned retail, commercial or multi-family at a starting bid of $4.9MM.

The recent departure of the Louisiana Recovery offices of FEMA from New Orleans compelled the real estate investment group that owns the building to sell by auction. The group anticipates an accelerated sale by exposing it to an international market on the auction website; setting auction terms that remove the possibility of lengthy negotiations, retrading and contingencies; and offering the building, plus the additional development land, at a remarkably low starting bid.

The office building is suitable as a corporate headquarters or for multiple tenants, as it was for many healthcare, financial and real estate/mortgage companies prior to FEMA’s tenancy.

PROPERTY DETAILS

  •     ±115,000 square foot building
  •     Six-stories with approx. ±106,888 rentable square feet
  •     Total land site: ±23 acres
  •     Includes ±11 acres of development land zoned multi-use: Retail, Commercial, Multi-family
  •     594 parking spaces
  •     Prime location along General DeGaulle Drive
  •     Only minutes from Central Business District (CBD)

AUCTION DETAILS

  •     Minimum bid $4.9MM (less than $43.00 p/SF)
  •     Bid deadline March 19, 2015
  •     Broker participation offered

Important property documents, additional photos and auction information, such as terms and conditions of sale, can be downloaded from the auction property page at FRE.com/188R3. Property tours can be arranged with the auction manager whose details are on the website.

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Kelly Lovegrove
LFC
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