Largest Class A Office Tower Space in New Orleans CBD Hits Market

New Orleans, Louisiana (PRWEB) January 20, 2014

The largest contiguous Class A office tower space for sublease in New Orleans’ CBD is now available, according to Robert Hand, president of Louisiana Commercial Realty, who is co-marketing the office space with Maria McLellan, Associate Broker of Corporate Services with Gulf States Real Estate Services, LLC. The space encompasses four full floors at 1250 Poydras Street, located on the corner of Loyola Avenue and Poydras Street, in downtown New Orleans. The office space is available for sublease until October 31, 2018.

“The space is strategically located in the center of all the new and exciting activity in downtown New Orleans. It is next door to Champion’s Square and the Superdome, across the street from City Hall and the new $ 200 million dollar South Market mixed-use development, adjacent to the $ 275 million dollar Hyatt Hotel, on the new Loyola Avenue streetcar line and near the 45 story 1001 Howard | Plaza Tower $ 100 million dollar redevelopment. There’s more activity in this area than anywhere else in downtown New Orleans,” said Robert Hand, president of Louisiana Commercial Realty.

Associate Broker Maria McLellan says, “There’s nothing like it in New Orleans. All four floors are fully furnished, the space is in move-in condition, located in the same elevator bank with the highest security available, and comes with covered parking via a skywalk to the adjacent Hyatt Hotel. This space has over 200 private offices, 15 conference rooms, 28 storage rooms, kitchens, a data center, telecommunications room and its own backup generator.”

McLellan believes the office space will be leased by a new industry relocating to Louisiana, and is targeting the digital media industry. New Orleans is an attractive destination for relocating companies because of its dynamic business environment, tax incentives, and world-renowned culture. That was GE Capitals logic in opening its GE Capital Technology Center in 2012, according to a February 2012 BusinessWire article. New Orleans has many of the things we need to build a center a great location, talent, and an attractive business environment, Brackett Denniston, GEs senior vice president and general counsel, said.

Generous New Orleans’ business incentives add to the citys attraction, particularly for media and software companies. Hand says, “A 2010 report by the Brookings Institution showed that New Orleans has pushed far ahead of the rest of the nation in business creation. We lead the nation in providing incentives for businesses. For example, there is a 35% rebate for digital media payroll. There is a 25% tax credit for hardware expenditures. That is a dollar-for-dollar tax credit. There is a 50% bonus depreciation and tax exempt financing at a 2% interest rate. There is a tax credit for live performances up to 25% of expenditures. There is a tax credit of 30% which can also be sold on movie expenditures. There is a 39% federal plus a 25% state New Market Tax Credit for development. There is a 25% tax credit for Sound Recording expenditures. Just to name a few.”

Here is a short list of the business incentives which seem to be driving new industry to Louisiana:

Digital Interactive Media and Software Development Incentive

Louisiana’s 35% Digital Interactive Media and Software Development refundable tax credit the strongest of its kind in the nation is helping traditional and digital companies of all sizes gain a competitive edge.

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