NEW ORLEANS – The Stables Development, a work/play community created by Inhab Group in the Lower Garden District, continues to attract interest from both food & beverage users and office tenants. To date, Urban Properties has leased a total of approximately 7,400 square feet with an average lease term of five years (plus options to renew).
The development includes four buildings, filling almost an entire city block, which have been opening in phases:
- 1222 Annunciation St. is a preexisting structure, and the 2,567 square feet was fully leased to a local law firm.
- 1229 Saint Thomas St. opened last September and is occupied by Farouki Farouki and Inhab’s offices, in addition to a micro-office/alternative workspace component and event space which includes roll-up doors with access to a common area courtyard. Tenants are encouraged to utilize the development’s common areas for company functions and to also explore opportunities to collaborate with other tenants.
- 1235 Saint Thomas St. (slated for completion fall 2021) was recently fully leased. Taulia, a global fintech company headquartered in San Francisco, occupies the entire second floor. The Tell Me Bar will occupy half of the ground floor and a local landscape architecture firm signed on to take the remaining space on the ground floor.
- 1239 Saint Thomas St. (available in 2022) will offer approximately 3,200 square feet of additional commercial space. Urban has already secured a letter of intent from a tenant for the ground floor, leaving 1,724 square feet available for lease on the second floor.
With three-quarters of the development now fully leased, Inhab plans to begin construction on the fourth and final building of The Stables. In addition, after seeing very high demand for the micro-office solutions in Building 2, Inhab also plans to expand the development’s alternative workspace component within the building by adding more desks and creative solutions for this growing segment of the overall office market.
Urban Properties Real Estate is exclusively listing the development which is currently leasing at $28 per square foot on a gross basis. The development also offers 30+ complimentary onsite parking spaces (reserved spaces are also available for a nominal monthly fee), a true differentiator versus other comparable prospects currently on the market.
“Working with Mike Bertel on this project has yielded tremendous results for all parties involved, and most importantly, created an environment for local and global companies to pursue their respective goals and missions. Mike’s positivity, expertise and commitment to his vision were instrumental in bringing this development to life during what was a very difficult year. We are proud of what we were able to curate and look forward to working on similar projects in the future” said Henry Shortess, leasing executive for Urban Properties.”
For more information, visit https://www.thestableslgd.com.