NEW ORLEANS – Investment management firm JECohen and a group of investors have acquired the first and second floors of the New Orleans Cotton Exchange Building at 231 Carondelet Street. The price was $1.5 million.
Built in 1921, the building is recognized as a National Historic Landmark.
JECohen was founded in 2015 by Jarrett E. Cohen. A spokesperson said the African American-owned business, which focuses on underserved markets, manages $52 million in assets.
JECohen was represented during the acquisition by Corporate Realty, the Steeg Law Firm and Phelps Dunbar. Credit Human provided financing. The first floor is currently under construction and being repositioned for either a new retail or restaurant tenant later this year. The others floors of the building are owned by a hotel group based in California that operates an AC Hotel by Marriott on the site.
“My vision for JECohen was to build a welcoming and democratized financial and investment advisory space for people from all backgrounds and levels of income,” said Cohen in a press release. “And now, the work JECohen is accomplishing in our communities is as historically significant as the building in which it is headquartered.”
JECohen also is revitalizing the upper floors of 714 Canal Street in New Orleans as well as the State National Life Insurance Building in Baton Rouge. The firm owns the two properties through controlled affiliated entities.
JECohen served as a 2023 presenting sponsor for the Greater New Orleans Foundation’s Celebration of Black Philanthropy. The firm has committed to contribute $10,000 annually over the next five years.
