News Summary
K&B Plaza, an iconic office building in New Orleans, is on the market for the first time in over 50 years with a listing price of $11.4 million. The property, designed by renowned architects Skidmore, Owings and Merrill, presents a unique investment opportunity with potential for redevelopment. The building, which showcases an innovative modern design, is partially leased and recognized on the National Register of Historic Places. With substantial parking and CBD-3 zoning, it offers redevelopment potential for various projects.
New Orleans – K&B Plaza, an iconic office building located at 1055 St. Charles Ave., is on the market for the first time in over 50 years, with a listing price of $11.4 million. The property is being marketed by Corporate Realty, and it presents a unique investment opportunity with potential for redevelopment.
Originally opened in 1962, K&B Plaza was designed by the renowned architectural firm Skidmore, Owings and Merrill. The building showcases an innovative modern design featuring a concrete exoskeleton that serves both as a façade and a support structure. It was initially constructed as a second office for the Boston-based John Hancock Mutual Life Insurance Company.
The current owner, who purchased the plaza in 1973, is led by Sidney Besthoff III, a member of the family that founded the K&B drugstore chain. Originally named Katz & Besthoff, the chain was established in 1905 and grew to nearly 200 locations before being sold to Rite Aid in 1997. After the sale of the drugstore chain, the Besthoff family retained ownership of K&B Plaza, using it as office space while showcasing their extensive art collection. Many sculptures from this collection were relocated to the Sydney and Walda Besthoff Sculpture Garden in 2003.
K&B Plaza stands on a podium approximately 8 feet above street level, concealing a parking garage below. Currently, the building is 83% leased, featuring both full and partial-floor tenants. The property is recognized on the National Register of Historic Places, which makes it eligible for investment tax credits.
The property encompasses a substantial 44,000 square foot surface parking lot with 142 parking spaces as well as an additional 65 spaces located beneath the building. With current CBD-3 zoning, there is potential for redevelopment into a hotel, multi-family housing, or mixed-use projects, permitting development up to 10 stories and 125 feet high.
Ongoing real estate developments in the surrounding area include the Museum of the Southern Jewish Experience and upgrades to the Tivoli Place apartment building. The site of K&B Plaza previously housed the New Orleans Public Library, which was funded by philanthropist Andrew Carnegie and was demolished in 1959 to make way for the construction of the plaza.
The International Style exemplified by K&B Plaza has been preserved throughout the decades, and the building has remained faithful to its original design intent. As the market opens for this storied property, it stands as a unique opportunity for investors looking to capitalize on both its historical significance and the potential for future developments.
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Additional Resources
- NOLA: K&B Plaza Building for Sale
- Wikipedia: Katz & Besthoff
- New Orleans City Business: K&B Plaza for Sale
- Google Search: K+B Plaza New Orleans
- Biz New Orleans: K&B Plaza for Sale
- Encyclopedia Britannica: Architecture
- NOLA: K&B Plaza Born in the 50s
- Google News: K+B Plaza
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NEW ORLEANS STAFF WRITER The NEW ORLEANS STAFF WRITER represents the experienced team at HERENewOrleans.com, your go-to source for actionable local news and information in New Orleans, Orleans Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as French Quarter Festival, New Orleans Jazz & Heritage Festival, and Essence Music Festival. Our coverage extends to key organizations like the New Orleans Chamber of Commerce and Greater New Orleans, Inc., plus leading businesses in energy, healthcare, and education that power the local economy such as Entergy, Ochsner Health, and Tulane University. As part of the broader HERE network, including HEREShreveport.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
