The sale is complete on the 343,543 square foot, 21-story Louisiana Tower at 401 Edwards Street.
Real Estate developer R.D. Sharma of Atlanta, Georgia, was the high bidder at $7.5m.; he told the DDA he owns properties in multiple states including George, Illinois, Mississippi, New Jersey, and more recently, Louisiana.
Sharma’s plans are to enhance the tenant experience in the building and he and his local staff will be looking at a variety of ways to do that. Goal #1 is to get the lobby escalator and elevators in top notch shape, replace carpeting, upgrade bathrooms and invest in other immediately noticeable improvements.
Sharma closed on the building Dec. 29 and plans to keep the current staff in place.
Louisiana Tower is one of four Class A office towers in downtown’s Central Business District. Built in 1984, it sits on roughly 1/2 acre of property and was sold with the adjacent 453-vehicle multi-level parking garage. Current high profile tenants include New York Life Insurance Co., Bradley Murchison Kelly & Shea attorneys-at-law, & Merrill Lynch.