NEW ORLEANS — A partnership between Cypress Equities, a real estate development and management firm based in Dallas, and locally based firm Lauricella Land Co. has broken ground on a new eight-story office building in New Orleans. Situated on the banks of the Mississippi River, the 123,941-square-foot property, named Shell Plaza, will house the headquarters of the Gulf of Mexico operations for oil-and-gas giant Shell (NYSE: SHEL).
Shell executed the office lease with Cypress Equities and Lauricella Land Co. last year. The new property represents the first Class A office building to break ground in New Orleans since 1989 and the first office property within the River District, a 39-acre mixed-use neighborhood on the riverfront, according to the development team.
“This project will boost the local economy while setting a new standard for sustainable, modern office space in New Orleans,” says Chris Maguire, CEO of Cypress Equities.
Shell Plaza will be located on a 1.6-acre site at 1600 Convention Center Blvd. at the corner of Henderson and Euterpe streets and adjacent to the New Orleans Ernest N. Morial Convention Center.
River District Neighborhood Investors LLC, working on behalf of the convention center, is overseeing the development of the River District mixed-use campus.
“We are especially excited that the Shell project will set a tone of world-class quality for the River District as we work with an array of new enterprises looking to locate in what will be New Orleans’ most promising real estate development since the Superdome,” says Louis Lauricella, manager of River District Neighborhood Investors and managing member of Lauricella Land.
Gensler designed Shell Plaza to achieve LEED certification and to feature glass curtain walls, faceted metal panels and various architectural elements including bronze, metal and concrete. The property will include nearly 118,000 square feet of Class A offices on floors five through 8 and structured parking on floors two through four with polycarbonate mesh screening on the exterior. Amenities will include an onsite fitness center and a rooftop garden.
The first floor of Shell Plaza will feature 6,407 square feet of retail space that will serve as a dining option for Shell employees and visitors from the adjacent convention center. The ground level will also feature green space and other public areas.
Louisiana-based Broadmoor LLC is serving as Shell Plaza’s general contractor, and New Orleans-based Integrated Logistical Support Inc. is serving as the civil engineer. The project team expects for Shell Plaza to be substantially complete by September 2026.
Capro Capital, a real estate private equity firm based in Las Vegas, is providing equity for the project. Other capital partners include Sunrise Realty Trust and affiliates of TCG Real Estate, which together are syndicating a $74.5 million construction loan on behalf of Cypress Equities and Lauricella Land.
Cypress Equities has developed and acquired more than 20 million square feet of retail and mixed-use space across the United States. The company has offices in Dallas, Atlanta and Fort Lauderdale.
Lauricella Land is a fourth-generation, family-owned company that has developed and managed more than 4 million square feet of commercial and mixed-use real estate in southeast Louisiana. The company, along with its affiliate brokerage and leasing firm L+A Retail, has been involved in transactions exceeding $1 billion in value.
— John Nelson