METAIRIE, La – A group of New Orleans-based real estate investors, led by senior care industry leader David Schonberg, announced the acquisition of the 110 Veterans Building, a prominent commercial property located at the foot of Veterans Memorial Boulevard along the 17th Street Canal. The purchase, finalized on Nov. 20, was made by 110 Veterans Partners, LLC, and marks the latest move in a dynamic reshaping of the East Bank business landscape.
The property, which was previously owned by Rault Resources Group, a local real estate management firm, has a long history of housing notable businesses, including Renaissance Publishing. The five-story, 127,000-square-foot office building, formerly known as the Stewart Enterprises Building, offers a range of amenities, including 24-hour access, reserved parking, a first-floor cafe, on-site management and proximity to restaurants and shopping. Its location provides convenient access to downtown New Orleans, the airport and the Northshore.
“Good things happen when commitment extends beyond financial investment,” said David Schonberg, managing member of 110 Veterans Partners, LLC. “With the enthusiasm and complementary synergy among our investor group and our new building manager, I’m confident our tenants and the Jefferson Parish East Bank business community will benefit from this acquisition.”
The investor group is composed of several local real estate leaders, including Ryan Gootee, CEO of Ryan Gootee General Contractors; Michael DeGruy, president of Ryan Gootee General Contractors; Michael Henican, managing partner of Henican Properties; Shaun McCarthy, principal of McCarthy Group Realtors; and Richard Roth, managing member of Roth Law Firm and tax credit attorney.
To ensure smooth operations and an enhanced tenant experience, the group has tapped Stirling Properties, a full-service commercial real estate company with nearly 50 years of experience in the Gulf South region, to manage and lease the building. Stirling Properties oversees a portfolio of 24 million square feet of commercial real estate and will provide comprehensive management services, including leasing, maintenance and operations.
“We’ve tapped Stirling Properties to provide full management and leasing services,” said investor and current tenant Shaun McCarthy. “With 24 million square feet of managed commercial real estate, Stirling has the resources and expertise to ensure a well-managed and thriving office environment.”
Stirling Properties is known for its expertise in commercial advisory services, asset and property management, development, and investment sales across a wide array of property types, including retail, office, industrial, healthcare, multifamily and hospitality.
In a letter sent to tenants, the new ownership group assured that the transition would be seamless. Current management and operational procedures will remain in place for the time being, and tenants will be informed of any changes to reporting procedures, including maintenance concerns, as the transition plan is gradually implemented.
“We’re focused on establishing a strong foundation for maintenance and daily operations, and Stirling Properties has already hit the ground running,” said Michael Henican, a local real estate investor and managing member of 110 Veterans Partners. “As for future building enhancements, this group has no shortage of ideas. However, we want to ensure that any improvements align with what existing and future tenants truly need and value—and that’s exactly what we plan to do.”
Rault Resources Group, the building’s seller has been a part of New Orleans’ real estate landscape for nearly 60 years. “David and his partners are well-suited to carry on the legacy of 110 Veterans Building,” said Miles Clements, attorney and spokesperson for Rault Resources Group. “We’re confident they have the vision and resources to support the building and its tenants into the future.”
