A deal has been reached to sell One Shell Square, the tallest office building in New Orleans, for $107 million. The Wall Street Journal says CommonWealth REIT, of Newton, Mass., plans to buy the 51-story building from MetLife Inc. CommonWealth has been on a buying spree that has attracted criticism from some investors: It sold new shares to finance the acquisition, the Journal says. The sale price for the building translates to about $89 per square foot. One Shell Square is about 88% occupied; Shell Oil takes up about half of that space.
Report: N.O. office building to be sold for $107 million
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