Equity Office Properties closed on the sale of Lakeway Center in the greater New Orleans area this month. The three buildings on Causeway Boulevard were purchased by the Feil Organization for an undisclosed price, according to HFF, the commercial real estate services firm that closed the sale.
"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.
Built in 1987, the Class A office complex, which includes a 34-story building, totals 1.22 million square feet. Equity Office Properties had owned the complex since 2007, according to a Times-Picayune article. The property was over 90% leased at the time of sale, with major tenants including People's Health Network, the U.S. Drug Enforcement Administration, Fresenius Medical Care and EDG engineering consultants.
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