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Gayle Benson to acquire 1515 Poydras, a 27-story Class A office building
Property sits between Sports & Entertainment and Medical Districts
Corporate Realty to manage the building; no traditional office leasing planned
Investment aligns with Benson’s vision to boost downtown New Orleans growth

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Saints and Pelicans owner Gayle Benson is making another investment in New Orleans, and it’s an office building that she hopes will both spur downtown growth and enhance and expand the Sports and Entertainment District near the Caesars Superdome and Smoothie King Center.

Benson announced today that 1515 Poydras Street – a 27-story, Class A office tower positioned along the primary New Orleans business corridor – is officially under contract for her purchase. The acquisition will be finalized in mid-July, at which time the management of the property will transfer to Corporate Realty Inc.

“The 1515 Poydras building is strategically located. It sits across from Benson Tower and the Caesars Superdome and the Smoothie King Center, and it is immediately adjacent to the soon-to-be expanding Medical District,” said Benson. “I remain steadfast in my commitment and belief in the future of our city. It is important now, more than ever, to continue to invest in our community.
Gayle Benson

This acquisition is meant to complement future growth in the downtown area.”

Corporate Realty President Michael J. Siegel said that while future uses for the building are still being evaluated, Benson has no plans for 1515 Poydras to compete in the traditional office tenant marketplace. Instead, both Benson and Corporate Realty will focus on strategic positioning that aligns with long-term growth and innovation in the downtown area.

“Mrs. Benson’s commitment and vision are very apparent in her confidence in the downtown business corridor. And that continues with Corporate Realty, which has long been an advocate for continued downtown development and investment in professional jobs that will help our city fulfill its full potential,” said Siegel. “As with Mrs. Benson, we remain confident about the future of Downtown New Orleans and believe that Mrs. Benson’s acquisition of 1515 Poydras is an important step in connecting the business community to the Medical District and to the Sports and Entertainment District of New Orleans.”

The transition will retain key personnel for continuity and quality in management. Notably, Sue Tucker, who previously served as Executive Vice President, Group Manager for JLL at 1515 Poydras, will continue managing 1515 Poydras as part of the Corporate Realty team. Tucker’s role will be further expanded to assist Corporate Realty with other Corporate Realty-related property management endeavors.

Completed in 1983, 1515 Poydras has nearly 529,000 rentable square feet of Class A office space and includes a 494-space parking garage. Located just two blocks from where I-10 intersects Poydras, it occupies a full city block bounded by Poydras, Perdido, LaSalle, and Freret streets, directly within the Central Business District and abutting both the Sports and Entertainment District and Medical District.

“We are working on plans that will enhance and expand the Sports and Entertainment District that are geared to addressing a better fan experience for those attending Saints and Pelicans games,” said Benson. “In addition, the building’s proximity to the new Xavier Ochsner College of Medicine (XOCOM) at 1400 Poydras Street is a tremendous asset, as is the proximity to the soon-to-be redeveloped Charity Hospital complex.”

In 2009, Benson acquired the vacant and Hurricane Katrina-damaged New Orleans Centre development which included Dominion Tower, the 1-million-square-foot New Orleans Centre Mall, and a 2,000-space parking garage. This blighted asset has been completely renovated, reinvented, and re-leased by Benson and her team.

For example, Champions Square has replaced the New Orleans Centre Mall, and the 540,000-square-foot Benson Tower office building (formerly Dominion Tower) and the adjacent 115,000-square-foot Benson Tower Annex (formerly the Lord & Taylor store) are 100-percent leased to a combination of Ochsner Clinic and Foundation and the State of Louisiana. The Benson Tower

Annex is slated to also house the new Xavier Ochsner College of Medicine (XOCOM), one of a handful of new medical schools in the US in the last few decades.

In 2022, Benson opened the Mercedes-Benz Van Center of New Orleans on the 1700 block of Poydras Street. Benson is also an owner of the adjacent 1,100-room Hyatt Hotel.

“As with Benson Tower and my investment in the Hyatt Regency, this purchase is meant to complement, to be a catalyst for supporting future growth in commerce, job creation, and new business development in our city,” Benson said. “We need to keep pressing forward and keep investing. Right now, as our state makes great strides in building an environment that is attractive to new business development, New Orleans must also have a similar vision for future business growth and investment. This is and has been my goal and I will continue to invest in our community.”