NEW ORLEANS – Forty years after its founding, the Metairie-based commercial real estate firm, Property One, Inc., is celebrating an anniversary that reflects both its longevity and its influence on commercial real estate in the Gulf South.
Founded in 1985 by Quentin and Paul Dastugue, Property One grew quickly in the late 80s and early 90s when the Resolution Trust Corporation was disposing of assets from the savings and loan crisis. Matt Taylor, President of Property One, attributes their success to “Quentin’s connections through state politics and Paul’s personal network. They built the company to one of the largest commercial real estate management and leasing firms in the state with projects throughout the Gulf South,” said Taylor.
Over the past four decades, Property One has successfully managed, leased, sold, and developed millions of square feet of commercial property across office, retail, industrial, and multifamily sectors.
“The backbone of the company has always been expertise in office, industrial, retail, and multi-family management and brokerage,” said Taylor. “Markets go through cycles, but what remains constant is that clients value expertise and a partner who puts the client’s needs first.”
This approach has resulted in the company’s expansion across multiple markets, serving both institutional clients and private investors with customized solutions.
“Our model has always been to build lasting relationships, and the way we do that is to carefully vet projects up front to ensure that we can add value, making sure the client’s needs always have priority. So, while markets change, and popular property types change, the basic tenets of good business based on service do not change, and that part of our business model has remained consistent for 40 years,” said Taylor.
A New Generation of Leadership
“Forty years come with a lot of wins and some failures that you learn from, but the largest recent milestone has been the transition of the company to a new generation of leadership,” said Taylor. “Over the years, the founders of the company became focused on real estate development, completing some very successful projects, while key employees contributed to the day-to-day operations of the core business.”
That evolution ultimately led to a transition in ownership that preserved the company’s operational core.
“In early 2021, three of us who ran the operations – Paul Langenwalter, Michele Casi, and I – purchased the company from the founders,” said Taylor. “We’ve been able to grow the business and continue to refine the operations, ensuring that our clients get the best service possible.”
Long-Term Relationship Building
Taylor says the company’s strongest asset has always been the trust it builds with clients through expertise and steady service.
“The first key to this is expertise. We are constantly seeking a higher level, constantly trying to improve our individual knowledge base and our process. It’s a value that we preach to each employee – mastery of your craft. This is a requirement. Ultimately though, there are a lot of people who know how to do this job,” said Taylor. “I think what allows us to have long-term relationships is our sense of duty toward the client. Once you get a chance to prove that to someone, there’s no reason for them to look elsewhere.”
He said that commitment to consistency has shaped how the company approaches growth.
“We’ve passed on opportunities to grow in boom times because we wanted to preserve our ability to execute to our standards and deliver the service our clients expect from us,” said Taylor. “During the downtimes, our clients have faith in the service they will get from us, so we’ve been able to remain active. All of this comes from our core value of putting clients first.”
Regional Economic Development
Headquartered in New Orleans for the first 33 years, Property One is “heavily invested in it being a thriving community,” Taylor said. “We’ve touched a lot of stuff over the years, from tax credit deals that rehabbed housing to post-Katrina construction projects that put buildings back online. Just recently, we brokered the sale of 1615 Poydras and struck a deal with the NOPD to get them in modernized, professional offices.”
Riding a Wave of Change
Taylor says Property One is entering its fifth decade with an eye on adapting to major changes shaped by technological and economic shifts.
“I think the biggest challenges are macro, related to what the world will look like after the coming tech/AI boom. What will employment look like, what needs will companies have for warehousing? What will happen to multi-family markets if the job markets get upended? There are a lot of big, scary questions looming, and these changes are purportedly going to happen fast,” said Taylor. “Our plan is to meet uncertainty the same way we have for the past forty years, by focusing on providing a high level of service to our clients and continually improving our craft.”
He said that while the questions ahead are complex, the company’s long-standing approach gives him confidence in its direction.
“Turning 40 is a significant milestone. Such longevity proves the trust our clients place in us and the dedication of our entire team,” said Taylor. “Our goal has always been to build lasting relationships through expertise and service. We’re excited to carry that forward into the future.”
