
Louisiana’s tallest and largest skyscraper, One Shell Square, has been sold for $102 million to a Massachusetts real estate investment trust.
The Times-Picayune reports the 51-story building’s longtime owner, Metropolitan Life Insurance Co., sold the limestone building to the CommonWealth REIT of Newton, Mass., around the sixth anniversary of Hurricane Katrina in late August.
The sale brings a new real estate company to New Orleans that is likely to expand.
Timothy Bonang, vice president of investor relations at CommonWealth, said his company tries to get into the market by purchasing a “trophy asset,” and then hopes to pick up other properties in the market. One Shell Square is CommonWealth’s only holding in Louisiana.
“We try to purchase what we think is one of the best assets in the market, and then we hope to add through additional acquisitions over time,” Bonang said. “What we really look for are high-quality assets, high credit-quality tenants, and long-term leases.”






