Stonetrust acquires site for $4.6 million
The Corporate Two office building, which was part of a portfolio of office buildings in Baton Rouge and New Orleans that was sold last fall for $52.7 million, has once again changed hands.
The real estate arm of Stonetrust Commercial Insurance Co., which is a tenant in the building at 5615 Corporate Blvd., Baton Rouge, bought the property for $4.6 million in a deal that was filed Tuesday with the East Baton Rouge Parish Clerk of Court’s Office.
Tabb Neblett, a partner with Songy HighRoads, the Atlanta firm that sold Corporate Two, said Stonetrust made an unsolicited bid for the office building.
“They made us an offer we couldn’t refuse,” he said.
Corporate Two, which was built in 1972, is a 56,884-square-foot building. The building is 70 percent leased, although CVS Pharmacy is set to take up some office space in the property.
Stonetrust provides workers’ compensation coverage to small- and mid-sized businesses in Louisiana, Arkansas, Mississippi, Oklahoma and Texas.
Donnie Jarreau, of Donnie Jarreau Real Estate, who represented Stonetrust, said the company was looking around Baton Rouge for more space before making an offer on their building.
Stonetrust takes up the seventh floor of Corporate Two; the plan is to take over the vacant eighth floor.
“They’re talking to several architects,” Jarreau said. “They completely want to redo the exterior and put up some visible signage. It will be really different and a real eye-opener.”
Ty Gose, of NAI/Latter & Blum represented Songy HighRoads in the sale.
Songy HighRoads purchased Corporate Two, along with the Acadian Center, Citiplace One, Citiplace Two, Sherwood Oaks Office Park and Corporate Atrium buildings in Baton Rouge and the Latter Center West in Metairie in a deal that closed in late October.
Neblett said Songy HighRoads has no plans to sell the other office buildings and expects to make improvements to the properties.