Corporate Realty, Inc. announces today that it is representing the ownership in the sale of Tulane Tower, located at 2601 Tulane Avenue, New Orleans.
The 10-story, 111,000 +/- gross square foot office building has an attached three-level, 205-space parking garage and two adjacent parking lots. The only office tower in Mid-City, it is centrally located along a major corridor that connects Mid-City with downtown New Orleans. It is directly adjacent to the criminal court system for the city and provides easy access to major transportation arteries.
Mid-City has seen transformative redevelopment over the past decade. The building is within a few blocks of the area known as the BioMedical District, a hub of research, teaching, and important healthcare initiatives and care that includes University Medical Center, Tulane Hospital, and more. New food and entertainment options include Whole Foods Mid-City, The Broad Theater, and the Lafitte Greenway, a 2.6-mile linear park for pedestrians and bicyclists that has encouraged the development of restaurants and bars. Additionally, it is minutes from the Central Business District, with its many office buildings and services, giving tenants and visitors ease of access while being located in a less congested area that has ample parking.
“Tulane Tower is a well-located office building with exceptional parking that has the potential to be a great investment for a value-add investor. We expect strong interest in this unique asset,” said Michael J. Siegel, SIOR, president of Corporate Realty who is part of the team representing this property.
The new owner will benefit from an in-place income as well as an opportunity for redevelopment and/or increasing income opportunities. The two additional lots consist of six parcels total and can also be directly monetized. Located in an Opportunity Zone (Zone 60), the property qualifies for state and historic tax credits.