Pan-American Life Extends Lease at Namesake Office Tower
NEW ORLEANS – The Pan-American Life Insurance Group, founded in New Orleans in 1911, has signed a long-term extension of its lease at the Pan-American Life Center (601 Poydras Street) that will keep it in the city at least through 2031.
The venerable provider of life, accident and health insurance throughout the Americas occupies a total of 84,014 square feet of office space on four floors of the building that bears its name. The company has more than 1,100 employees.
“Pan-American Life Insurance Group is pleased to extend our office lease in the Pan-American Life Center and continue our long-term commitment to the New Orleans community and surrounding south Louisiana region,” said José S. Suquet, chairman of the board, president and CEO of Pan-American Life Insurance Group, in a release. “We look forward to renewing our promise to serve as a lifeline to our customers, their families and their businesses.”
Pan-American built the 28-story office tower at the corner of Poydras and Camp streets in 1980. In 2006, it sold it to a California real estate company, which sold it to a group of local investors led by Stirling Properties four years later. Stirling recently completed a $7 million renovation that includes a redeveloped café, new conference center and upgraded ground floor lobby. The class-A building features roughly 673,000 square feet of office and retail space and an eight-story parking structure.
“Pan-American Life Insurance Group has been an integral part of the New Orleans office community for many years, and we are honored to help cement that relationship for many more years to come,” said Stirling Properties Senior Advisor Gaines Seaman, who worked to secure the lease extension. “Pan-American Life Insurance Group’s renewed commitment to and investment in our area further validates the resiliency of the New Orleans office market. The recent lobby renovations and added amenities to the Pan-American Life Center make it an attractive office location for corporations, large or small.”
Other tenants in the building include IberiaBank; Morris Bart Law Offices; McGlinchey Stafford; Merrill Lynch; Lugenbuhl, Wheaton, Peck, Rankin & Hubbard; and Stirling Properties. First-floor retail tenants include Smoothie King, Starbucks and Tsunami. Stirling Properties’ affiliates own the property and are its exclusive management and leasing agents.
Stirling said this is the first significant office lease renewal in the New Orleans market since before the COVID-19 pandemic. The two most recent of mention are the 2019 Capital One renewal in Place St. Charles (nearly 50,000 square feet) and the 2018 Liskow & Lewis renewal in the Hancock Whitney Center (75,000 square feet).
The Hotel Intercontinental, which adjoins the Pan-American Life Center, is owned by the insurance company.
For more information on the Pan-American Life Center, visit www.panam-neworleans.com.