A group of local investors, led by Stirling Properties, has acquired the three-story United Plaza VIII office building.
The deal, which was completed last week, gives Stirling ownership of four buildings in the United Plaza office park. The property had been owned by Wink United Plaza LLC. Stirling would not disclose the sale price, but said the cost paid for the property included assuming two existing loans as well as other considerations.
“Our acquisition team seized a tremendous opportunity in a market that we know to be a strong performer,” said Grady Brame, executive vice president for Stirling.
The 52,606-square-foot building is 91 percent leased, Brame said. Willbros Engineering occupies most of the building.
Brame said the deal shows Stirling’s commitment to Baton Rouge and its confidence the market will continue to grow.
“We believe strongly in the park,” Brame said. “We think it’s the premier office park in Baton Rouge.”
There is a lot of demand for space in United Plaza, located off Essen Lane. Stirling’s four buildings have more than 500,000 square feet of office space and are 97 percent occupied.
“This gives us the opportunity to move some tenants around in the park,” Brame said. “We can accommodate tenants we have previously worked with.”
For example, Stirling owns United Plaza XII, which also has Willbros as a tenant. The company can offer Willbros more space in United Plaza XII and find tenants to take over the area in United Plaza VIII the engineering firm is leaving.
Stirling was involved in the initial construction of United Plaza VIII, which was completed in 1993.
Scott Macdonald, a Stirling sales and leasing executive, represented the buyers, while Branon Pesnell of Beau Box Commercial Real Estate represented the sellers.