A group of local investors led by businessman David Schoenberg has purchased the five-story office building at 110 Veterans Blvd. The building in Metairie has been home to Stewart Enterprises for decades, but the company plans to renovate the 52-year-old low-rise residential building in hopes of attracting new tenants.
Schoenberg’s group purchased the building on Nov. 20 from Raoult Resource Group, which had owned it since 2000. The sale price was not disclosed, and at the time of the purchase, the building was not on the market and there was no public price. Suggested price.
The building and its parking lot were recently appraised at $13 million, according to the Jefferson Parish Assessor’s Office website.
The acquisition comes as the local and national office market continues to struggle with the hybrid working practices that have become the norm during the COVID-19 pandemic. But experts say Metairie office buildings remain among the most attractive in the New Orleans metropolitan area and continue to attract tenants.
The average occupancy rate for office buildings in Metairie was 85% in 2023, compared to less than 80% in downtown New Orleans, according to Corporate Realty. 110 Veteran occupancy is just under 80%.
Mr. Schoenberg could not be reached for comment, and his partner also declined to comment. But Schoenberg said in a prepared statement that he is “confident that our tenants and the Jefferson Parish East Bank business community will benefit from this acquisition.”
“There’s no shortage of ideas.”
Mr. Schoenberg is the owner of a Metairie-based senior care business that owns and operates assisted living and memory care facilities in Louisiana and Mississippi.
His partners in the building include several seasoned real estate investors. Ryan Gooty, CEO of Ryan Gooty General Contractors. Michael DeGruy, President of Ryan Gooty General Contractors. Michael Hennican, Managing Partner of Hennican Properties. Sean McCarthy, President of McCarthy Group Realtors. and Richard Ross, managing member of the Ross Law Firm and a tax credit lawyer.
The building, located on the Veterans End next to the 17th Street Canal, was developed in 1972 by a young Frank Stewart and was the headquarters for his Stewart Enterprises. Over the next 30 years, he grew Stewart Enterprises into the nation’s largest death care company.
In 2000, Stewart sold the building to Roe. For several years in the 2000s, it was supported by Eustis Insurance. However, that company was acquired in 2018 and has since moved. There are currently no anchor tenants in this building.
The group asked Sterling to manage and lease the 127,000 square foot building, which includes a ground-floor cafe, 24-hour access and reserved parking.
The building is eligible for historic building tax credits, which the new owner can use to renovate or upgrade the property.
Hennican said in a prepared statement that the group has “no shortage of ideas” for future upgrades, but for now its priority is to focus on building a solid foundation for maintenance and day-to-day operations. .
“We want to make sure that any future improvements align with what existing and future tenants really need and value,” he said.
