Owner of Plaza Tower, a Distinctive New Orleans Building, Retains DJM Realty and Corporate Realty to Sell Property in an Absolute Auction

MELVILLE, N.Y., July 20, 2011 /PRNewswire/ -- The Plaza Tower, an iconic building that has defined the New Orleans skyline since 1964, is available to investors in an absolute auction, with a minimum bid of $250,000. Positioned to sell as a redevelopment property, this 45-story building, which is zoned for retail, office and residential use, is located in the Central Business District in Downtown New Orleans. In a joint venture between Corporate Realty, a New Orleans full service commercial real estate company, and DJM Realty, a national disposition and restructuring company, the firms will be holding an absolute auction of the location with bids due September 20, 2011.

Located at 1001 Howard Avenue, the Plaza Tower is the third tallest building in both the city of New Orleans and the state of Louisiana, and offers dramatic views of the city's skyline and the Mississippi River. The property is vacant with a gutted interior shell and is environmentally abated. The building includes a 30,000 square foot annex and a 330-space, 8-floor valet parking garage.

"Plaza Tower is one of the most iconic buildings in all of New Orleans. It is a highly visible, recognizable, and accessible structure and is a great redevelopment opportunity. Located at the intersection of Loyola Avenue and Howard Avenue, Plaza Tower is destined to be part of the resurgence and redevelopment of the Loyola corridor. Construction and redevelopment along the Loyola corridor includes the $275 million Hyatt Hotel redevelopment (underway), the $100 million Benson Tower/Champions Square redevelopment (underway), the Loyola Avenue Streetcar Extension (scheduled to open in 2012), the $45 million Saratoga Building redevelopment (underway), a Rouses' Supermarket (underway) and the planned extension of Howard Avenue. All of this bodes well for the development potential of Plaza Tower," said Michael J. Siegel, President and Director of Leasing of Corporate Realty.

"We have already begun receiving inquiries from investors looking to acquire Plaza Tower. Holding an absolute auction presents a great opportunity for motivated buyers to participate through a competitive bidding process. The auction method of marketing is the most transparent and exciting process of transferring ownership of a property as significant as the Plaza Tower," said Emilio Amendola, Co-President of DJM Realty.

For more information regarding the assignment please contact Michael J. Siegel of Corporate Realty at (504) 581-5005 or [email protected], or Emilio Amendola of DJM Realty at (631) 752-1100 x223 or [email protected]. Property details are available at www.djmrealty.com or www.corp-realty.com.

About DJM Realty

DJM Realty, a Gordon Brothers Group company, specializes in negotiating occupancy costs, lease renewals, real estate dispositions, facilitating growth opportunities, valuations and capital solutions.  DJM Realty has serviced the nation's most recognizable brands in healthy and distressed situations.  Bankruptcy clients have included BI-LO, Blockbuster, Circuit City, Linens N Things, Movie Gallery, Gottschalks, Goody's Family Clothing, KB Toys, Kmart and Winn-Dixie. DJM Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value. DJM Realty was founded in 1992 and is headquartered in New York with offices in Los Angeles, Boston and Chicago. For more information, please visit www.djmrealty.com.

About Corporate Realty

Corporate Realty, Inc. is a full service commercial real estate company headquartered in New Orleans, Louisiana with approximately fifty (50) employees, fifteen (15) of which are active, full time commercial agents.  Corporate Realty has agents that specialize in retail leasing and brokerage, office leasing and investment/ commercial brokerage as well as property management services to office building owners, retail property owners and apartment and condo owners.  Additionally, Corporate Realty offer's clients support services such as accounting, consulting, construction management and supervision, project management and engineering support. Corporate Realty agents are consistently involved in the largest, most complex and most demanding transactions in this region.

SOURCE DJM Realty