Corporate Realty President Highlights Downtown Opportunity. Photo provided by Corporate Realty.
NEW ORLEANS – Corporate Realty, Inc. has listed the United Fruit Building property for sale, a historic real estate portfolio located in the heart of Downtown New Orleans. The building complex includes five interconnected properties at 321 and 327 St. Charles Avenue and 710, 714, and 720 Union Street. The five-building complex spans more than
NEW ORLEANS – Corporate Realty, Inc. has listed the United Fruit Building property for sale, a historic real estate portfolio located in the heart of Downtown New Orleans. The building complex includes five interconnected properties at 321 and 327 St. Charles Avenue and 710, 714, and 720 Union Street.
The five-building complex spans more than 95,000 square feet across multiple historic structures, presenting a rare opportunity for a transformative redevelopment project.
“The United Fruit Building property is an exceptional piece of real estate in an A+ location,” said Michael J. Siegel, SIOR designee and President & Director of Office Leasing at Corporate Realty. “I’m very hopeful for an efficient sale process.”
The United Fruit Building properties are development-ready and prominently located along the St. Charles streetcar line with full visibility on the Mardi Gras parade route, making them well-suited for a full-service hotel, luxury multifamily conversion, or landmark mixed-use development.
Market Momentum and Revitalization
Siegel said that ongoing revitalization efforts—such as those led by the Celebrate Canal! Coalition—may further benefit the property. “I’m a big believer in the theory that ‘a rising tide lifts all boats’—so yes, to the extent Canal Street becomes more vibrant, all areas immediately adjacent to Canal Street will be positively impacted,” he said.
He also pointed to Corporate Realty’s recent experience in the market. “The two most recent Central Business District sales in which Corporate Realty was involved were the Security Centre at 147 Carondelet, in which Corporate Realty represented the seller, and 1515 Poydras, in which Corporate Realty represented the purchaser,” he said.
“We also have other high-profile, high-quality CBD listings for sale, including the former Peter Mayer Advertising buildings at 318, 320, and 324 Camp Street. We are optimistic about the sale of these buildings, also,” Siegel said.
Challenges and Considerations for Redevelopment
Bringing the complex back to life won’t be without significant investment.
“All the United Fruit buildings will require total renovation, including infrastructure and central systems,” said Siegel. “Factors that will impact the sale include demand, vision, availability of equity, interest rates, and construction costs.”
Siegel emphasized that a successful redevelopment will require more than just capital.
“Any sale will depend on a prospective purchaser having a vision for the property based on the demand drivers in the CBD. Other factors will include construction costs, interest rates, and insurance costs. These all impact downtown development,” Siegel added.
Despite current market challenges, Siegel expressed confidence in the project and the district. “To say that we are not facing some headwinds would be disingenuous. However, I remain optimistic about downtown New Orleans,” he said.
United Fruit Building Complex History
The adjoining United Fruit Building properties, interconnected at various levels, have housed a range of businesses over the years, including banks, accounting firms, and International-Matex Tank Terminals (IMTT).
According to Siegel, IMTT was the most recent tenant of the building before relocating to offices at 400 Poydras in late 2019. Although IMTT is a New Orleans-based operator of bulk liquid storage terminals across North America, its presence in the United Fruit Building was strictly limited to corporate office functions.
Dating back to its construction in 1920, the main building originally served as the New Orleans headquarters of United Fruit, a company that dominated the tropical fruit trade in Central and South America.
In 1929, United Fruit acquired local competitor Cuyamel Fruit Company, whose founder and driving force, Sam Zemurray, became a major shareholder and board member. Zemurray took control of United Fruit in 1933 and subsequently relocated its executive headquarters to Boston.
United Fruit Building Complex Architecture
The property benefits from a combination of historic architectural character and efficient floor plates, offering both aesthetic appeal and practical functionality.
The main building, designed in the Spanish Renaissance style, retains original architectural features such as terra cotta entrance sculptures, a starburst-patterned marble floor in the elevator lobby, and a twelve-branch chandelier of gilded wood and patinated bronze attributed to a noted Regency period designer.
About Corporate Realty
"Corporate Realty agents are consistently involved in the largest, most complex, and most demanding real estate brokerage transactions in this region, and we pride ourselves on having only the top real estate professionals in the market. We work hard, and we enjoy doing it. It shows: we have been continually voted as one of the'Best Places to Work' in the city.
We are good at what we do, though, because of the people. Corporate Realty is inspired by our staff and the people with whom we work, and we are committed to the community that surrounds us. As a result, we bring our enthusiasm to everything we do, whether it is a business meeting, a meal, or community involvement."
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