Following only one deal in the third quarter of 2011, no single-property office sales transactions that match Reis’ criteria have closed since. The 1.2-million-square-foot One Shell Square sold for $1.2 million ($84 psf), with a mean cap rate of 8.3%. The seller was Metropolitan Life Insurance Company and the buyer was CommonWealth REIT.
The Poydras Center building at 650 Poydras Street in downtown New Orleans, one of the CBD’s largest buildings, has been put up for sale, The Times-Picayune reported in March. Hertz Investment Group is the seller.