‘Real Estate Weekly’: Office building on Jefferson sells for $625K

A 10,000-square-foot parking lot located behind a 3,200-square-foot office building at 6651 Jefferson Highway helped boost the sale price of the property to about $195 per square foot—an above-average price for the area, according to Justin Langlois of Mike Falgoust and Associates. “Because of the potential for additional development or parking, we valued [the parking lot] somewhere between $90,000 and $100,000. So, if you take that out, then you’re closer to what you typically see around the Jefferson/Bluebonnet corridor: about $165 a square foot, which is still very strong,” says Langlois, who represented the seller in the deal, CAMS LLC. The sale closed last week at $625,000. It was formerly occupied by a consulting firm, Associated Benefits, and it’s located about midway between Towne Center and the College Drive intersection. A law office with an existing presence in Baton Rouge is moving into the space, Langlois says, but he could not release specifics. The Jefferson Highway and Bluebonnet Boulevard corridor has been among the most consistently priced and highly valued in the city in recent years for office space, Langlois says. “It’s really held steady. … Everything along that corridor appears to be very strong, somewhere in the neighborhood of $165 per square foot to $180,” he says. —Steve Sanoski Read the rest of the new Real Estate Weekly e-newsletter here.