One Shell Square In New Orleans Sold

Louisiana's tallest and largest skyscraper, One Shell Square, in New Orleans has been sold for $102 million to a Massachusetts real estate investment trust.

The 51-story building's longtime owner, Metropolitan Life Insurance Co., sold the limestone building to the CommonWealth REIT of Newton, Mass.. The sale brings a new real estate company to New Orleans that is likely to expand. Timothy Bonang, of CommonWealth, said his company tries to get into the market by purchasing a "trophy asset," and then hopes to pick up other properties. One Shell Square is CommonWealth's only holding in Louisiana.