SOURCE: Equastone

November 07, 2007 08:00 ET

Equastone Lands 68,000 Square-Foot CBD Office Lease in New Orleans

NEW ORLEANS, LA--(Marketwire - November 7, 2007) - Equastone, a private real estate investment firm, announced today that McGlinchey Stafford, PLLC., a national law firm, has signed a ten-year lease in the Pan-American Life Center located in downtown New Orleans. The lease covers two full floors, a total of 68,168 square feet. Equastone purchased the building in December 2006 in one of the first sales of a high-rise office property to outside investors since Hurricane Katrina. Quentin Dastuage and Matt Taylor of Property One, Inc. represented McGlinchey Stafford in the deal. Greg Riera of Jones Lang LaSalle represented Equastone.

Chad Carpenter, CEO of Equastone, said, "Securing one of the largest leases since Katrina and bringing a national law firm's headquarters to the Pan-American Life Center is a vote of confidence for downtown New Orleans. As part of the deal we had to acquire McGlinchey Stafford's office building, a restored warehouse, located in the Faubourg St. Mary Historic District. We currently have a developer lined up to buy it and convert it to residential condos -- a big plus for New Orleans since quality housing is in short supply."

Located at 601 Poydras Street, on the corner of St. Charles Avenue, the Pan-American Life Center is widely considered the best location within the Central Business District because of its proximity to the Federal Court building and many amenities including nearby restaurants, hotels, and banks. The 28-story, 684,027 square foot Class A office complex currently houses Pan-American Life Insurance Group, Merrill Lynch, Tidewater Marine, Lemle Kellerher Law Firm, Christovich & Kearney, and IberiaBank.

Clint Harrington, Executive Vice President for Equastone, said, "This 68,168-square-foot lease provides net positive absorption to the Class A Central Business District. It is a significant contribution to downtown New Orleans."

"The Pan-American Life Center is one of the most desirable commercial spaces in the city, and we are very fortunate to have the opportunity to relocate our headquarters into such an exceptional environment," said Donna Klein, managing member of McGlinchey Stafford's New Orleans office.

Founded in 1974, the partners of McGlinchey Stafford began as a small group in a single office in downtown New Orleans. The partners set out to establish a law firm focused on smart business solutions, new traditions of client service and innovative legal approaches. McGlinchey Stafford, headquartered in New Orleans, has eight offices nationwide.

About Equastone

Equastone currently owns 58 office and flex buildings encompassing more than 9 million square feet throughout the United States and intends to acquire $1 billion of new investments in 2008. Equastone has offices in San Diego, Denver, Dallas and Houston, and owns properties in Arizona, California, Colorado, Georgia, Louisiana, Nevada, Oregon and Texas.

Equastone is a real estate investment firm specializing in the acquisition and asset management of opportunistic and value-added real estate. Equastone manages investment capital on behalf of Equastone Real Estate Funds, private equity funds for high-net-worth and institutional investors. For more information about Equastone, call Mykel Sprinkles at (858) 812-3261 or visit

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