New Orleans’ historic office property K&B Plaza has been listed for sale for the first time in more than half a century, with an asking price of $11.4 million.
According to a report in New Orleans City Business, the seven-story, 69,569-square-foot complex in the Central Business District was designed by the prominent architecture firm Skidmore, Owings & Merrill and was owned and occupied by John Hancock Mutual Life Insurance when it opened in 1962. It became the corporate headquarters of the K&B drugstore chain in 1973. The property is listed on the National Register of Historic Places and is 83% leased.
The sale will also encompass a 44,000-square-foot surface parking lot with 142 spaces and 65 underground parking spaces.
“This is an extraordinary opportunity to acquire one of New Orleans’ most architecturally distinguished assets,” Michael J. Siegel, president of Corporate Realty, which manages the property’s leasing., “K&B Plaza combines timeless design with a premier location on St. Charles Avenue.”
Photo courtesy of LoopNet
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