HFF, Inc. : HFF closes sale of Class A office complex in suburban New Orleans
DALLAS, TX, June 12, 2013- HFF announced today that it has closed the sale of
Lakeway Center, a three-building, Class A office complex totaling 1.22 million
square feet in Metairie, Louisiana.
HFF marketed the property on behalf of the seller, Equity Office Properties.
The Feil Organization purchased the property for an undisclosed amount.
Located in the suburban market of Metairie, roughly equidistant from downtown
New Orleans and the New Orleans International Airport, Lakeway is the premier
office development in suburban New Orleans and one of the largest office
developments in the state. Its location at the foot of Lake Pontchartrain
provides access to the affluent residential areas of the North Shore and
Metairie as well as to downtown New Orleans via Interstate 10. It is also less
than one mile from Lakeside Shopping Center, one of the strongest malls in
Louisiana. Lakeway Center is 90.5 percent leased to diverse tenants such as
People's Health Network, the Drug Enforcement Administration, EDG, Inc. and
Fresenius Medical Care.
According to HFF, the sale is another piece of good news for the local
economy, which has been on a roll in recent years. Already boasting
unemployment rates well below the national average, New Orleans is now drawing
praise from national publications which tout the city's vibrant economy, which
is characterized by its historical mainstays - oil and gas, the port and
tourism - as well as substantial recent growth in technology and film. Just
last month Forbes ranked New Orleans as the #3 City in the U.S. for growth of
information jobs, including publishing, software, entertainment and data
"We are very pleased to close the acquisition of Lakeway Center. It is an
outstanding property, which is an ideal complement to our nearby Lakeside
Shopping Center. This transaction builds on our nearly 40-year track record of
investment and job creation in the greater New Orleans community. We plan to
continue to maintain and upgrade Lakeway Center to ensure it remains a
top-tier office destination," stated Jeffrey Feil, chief executive officer of
the Feil Organization.
Equity Office Properties is one of the largest and most well-respected
commercial real estate firms in the nation, with a portfolio encompassing 65
million square feet of Class A office space under management in superior
locations throughout the country. For more information, visit
For more than 50 years, The Feil Organization, an established investment,
development and management firm based in New York City, has been one of the
nation's foremost real estate companies. Active in every facet of the
industry, the firm owns, develops and manages more than 26 million square feet
of retail, commercial and industrial properties, more than 5,000 residential
rental units, as well as hundreds of net-leased properties and thousands of
acres of undeveloped land across the country. www.feilorg.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned
by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a
leading provider of commercial real estate and capital markets services to the
U.S. commercial real estate industry. HFF together with its affiliate HFFS
offer clients a fully integrated national capital markets platform including
debt placement, investment sales, equity placement, advisory services, loan
sales and commercial loan servicing. For more information please visit
www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
ANDREW S. LEVY
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: HFF, Inc. via Thomson Reuters ONE
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