Investment firm buys New Orleans high-rise
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A San Diego-based investment firm has bought a downtown New Orleans high-rise, the first sale of a major office building in the city since Hurricane Katrina struck in 2005.
Equastone, which specializes in buying, fixing up and leasing or selling commercial properties in “growth and recovery markets,” paid about $50 million for the 28-story Pan-American Life Insurance Co. building, Chief Executive Chad Carpenter said.
The deal comes at a time when the city, still feeling the effects of the storm, is eager for new investment.
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