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New 8 story building for Essen Lane
New office building planned for Essen
Construction of an eight story, 88,000-square-foot office building off Essen Lane is set to begin early next year -- the first freestanding speculative office building to go up in that area in years. The office building will be geared toward engineering companies, medical firms, banks and other professional tenants, says Branon Pesnell of NAI Latter & Blum, who is marketing the space. The building, which will go up behinds Jacobs Engineering on Summa Avenue, should be finished by September 2008.
Spatz Development of Chicago, which is building the project, will use Gulf Opportunity Zone financing to cover the costs. Spatz recently entered the Capital Region, developing Crystal Lakes, a subdivision in Denham Springs. "Spatz is bullish on the future growth and employment along Essen," Pesnell says. "Even before Katrina, occupancy rates in that area were in the low- to mid-90% range." The price tag for building the office space is still being determined, but Pesnell says the rental rates will be $26.50 a square foot.
Courtesy of the Baton Rouge Business Report
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