Coastal Revenue Sharing: A Letter to the Editor
As chairman of the Coalition for Coastal Resilience and Economy (CCRE), which was formed last year under the umbrella of Greater New Orleans, Inc. (GNO Inc.), our primary mission is to use our business led coalition to ensure that the funds earmarked for coastal restoration are used for that intended purpose. While there are many other very critical needs of the state including infrastructure, none represents the existential threat of coastal restoration.
Please click here to read letter to the editor from our CCRE group.
New Orleans’ Office Market Taking Shape
Gaines Seaman, Sales and Leasing Executive for Stirling Properties, recently contributed an article for Southeast Real Estate Business magazine’s Market Highlight section. The insightful article, entitled “Following Massive Conversions, New Orleans’ Office Market Is Taking Shape,” profiles the bustling office market activity in downtown New Orleans. Check out the excerpt below and click here to read the full article.
“In the past 12 to 18 months, more than 1 million square feet of what used to be considered office space in downtown New Orleans has been converted to retail, hotel, residential or multifamily use. Projects such as 225 Baronne Street, the 1100 block of Tulane Avenue, 600 Carondelet Street, Factor’s Row redevelopment and approximately 130,000 square feet of space at 1250 Poydras Street (a 423,000-square-foot, Class A tower) are just a number of examples. More of this space was unoccupied than occupied at the time of the conversions. The most recent of these conversions, 600 Carondolet Street, resulted in the largest absorption of Class A office space in the market. Additionally, URS, now AECOM, leased approximately 70,000 square feet of space in 1515 Poydras, a 530,000-square-foot building located across from the Mercedes-Benz Superdome. In the central business district (CBD), Class A office occupancy is a healthy 90 percent and average rental rates have increased in the past 12 to 24 months to approximately $19 per square foot. Recently, notable longterm commitments to New Orleans include Shell Oil Co. and FM Services (Freeport McMoRan), both through 2026. Shell Oil anchors One Shell Square, the largest office tower in New Orleans, and committed to occupy half of the 1.3 million-square foot building in 2015. FM Services occupies 210,000 square feet of the 510,000-square-foot Freeport McMoRan Building, also on Poydras Street. Ochsner Health System recently finalized a deal to lease the entire Lord & Taylor Building, measuring 115,000 square feet. The building will be retrofitted, against the current trend in the CBD, from former retail space to office space for Ochsner’s occupancy. The term is estimated to commence in late 2016.”
New Orleans Named Among 2016 Markets to Watch
At the recent Urban Land Institute (ULI) Fall Meeting held in San Francisco, the keynote speaker Andy Warren of PwC presented the Emerging Trends in Real Estate® 2016. This year’s release marks the 37th edition of the Emerging Trends in Real Estate®, which is undertaken jointly by PwC and ULI based on insights from hundreds of industry leaders.
Mr. Warren included the below slide in his presentation on the Real Estate Markets to Watch in 2016. The New Orleans region was included on that list. I have attended these meetings for many years and this is the first time that New Orleans was included in such a list. This is yet another validation of the confidence that investors are showing in our region.
Stirling Properties Announces Promotions in Property Management Department
Stirling Properties is excited to announce two promotions in its growing Property Management Department. Patrick Malik has been appointed Vice President of Property and Risk Management after 14 years as Operations Manager. Lindsey Palmer, Property Manager, has been promoted to Director of Property Services.
Patrick Malik‘s role has evolved from Operations Manager to overseeing all aspects of the Property Management Department including supporting Asset Management, Development and Acquisitions, new business development and integration and ongoing property operations of over $1.2 billion in real estate assets. In addition, he handles risk management and insurance for Stirling Properties and its clients, including sourcing coverage options, negotiating policy terms, insurance claims, management of Captive Insurance Program, disaster preparedness and emergency response. Mr. Malik has over 25 years of Property Management experience across commercial real estate sectors in a variety of roles. He graduated from the University of West Florida with a Bachelor’s Degree in Management. As Director of Property Services, Lindsey Palmer will oversee all aspects of Property Services and its staff, providing support for Property and Asset Management of over 17 million square feet commercial real estate. Ms. Palmer will continue her responsibilities as Property Manager of 2.3 million square feet of properties, including Fremaux Town Center in Slidell and Hammond Square and in Hammond. Ms. Palmer joined Stirling Properties 9 years ago after graduating from Southeastern Louisiana University with a Bachelor of Science in Finance and a Master in Business Administration.
Senior Project Manager Robert Dischler To Retire At End Of This Year
Please join us in extending best wishes to Robert Dischler, who is retiring from Stirling Properties at the end of this year. Robert has been a great Stirling Team Member and Project Manager for over 24 years, overseeing all aspects of active development projects from design coordination, to construction implementation, tenant coordination, and beyond.
Robert came to Stirling as a seasoned veteran in the shopping center construction industry and has worked in the retail development industry for over 36 years. “Robert has been a leader, mentor, and friend to many in the Stirling Properties family for more than two decades” states Townsend Underhill. “He will be greatly missed and his presence is an irreplaceable part of our Company’s history.”
Robert has been involved in many development projects with Stirling — beginning with Bluebonnet Village, Woodlawn Park and Siegen Village in Baton Rouge in the early ‘90’s, the redevelopment of McArthur Village and Eastgate Shopping Center, ground up development of Stirling Millerville Shopping Center, the initial three phases of University Club Plantation, multiple Eckerd and Walgreens locations, and finally with Fremaux Town Center & Stirling Bossier Shopping Center. Robert will continue with these two projects through his retirement at the end of 2015 and will also continue to be involved with Stirling on a part-time consulting basis with the development team post-retirement.
Robert is eager to enjoy his time at his camp, Livingston Four Seasons, with wife Nancy, family and friends as well as catch up on his fishing and traveling to visit his grandchildren!
Stirling Properties’ Will Barrois Joins Board of Advisors of the Mobile Area Chamber of Commerce
Stirling Properties is pleased to announce that Will Barrois, Vice President/Regional Manager of Alabama and Florida, is now a member of the Mobile Area Chamber of Commerce Board of Advisors.
The Board of Advisors provides company executives an avenue for valuable input on critical Chamber and community issues, facilitates peer-to-peer interaction and provides a high level of recognition. The Board meets three times a year at various locations to listen to business and governmental leaders and other speakers address pertinent issues.
