We offer Louisiana’s only true conflict-free tenant representation.
Let us advise you on your lease project from conception to completion.
Tenant Representation is Our Only Focus
Maria McLellan Real Estate is a conflict free, tenant representation group committed to a confidential, ethical and professional environment in honoring the needs of your company. We do not represent Landlords, but instead work in conjunction with the Listing Agents to ensure equal representation. This is why you do not see our name in front of buildings “For Lease” as it is the Listing Agent that represents the Landlord/Owner and therefore has the contractual right to put a sign on the property. Think about it: how can the Listing Agent represent both parties equitably?
The practice of tenant representation is common throughout the country, but not here. Unfortunately, conflicts of interest are a way of life in Louisiana.
How are we paid? Our fees for service are shared with the Listing Agents fee offering with total disclosure to you. If you are not being represented you are paying for services you are not receiving. Our only focus is tenant representation of local, regional and national companies throughout Louisiana. We are committed to total client support, from early lease renewal evaluation and re-negotiation to site evaluation and relocation, new site market search and complete proposal-to-lease negotiations. Maria McLellan Real Estate, Principal Broker, works closely with our clients in selection and interaction with the interior design team, architects, contractors and commercial move companies.
Our Client List Includes:
Client Success Stories
Industries include: Oil/Gas, Legal, Accounting, Medical, Entertainment, Engineering, Retail, Financial, Insurance, Production/Distribution, Original Art, General Business
- 250,000 square feet (New Orleans): Mobil Oil Corporation
- 150,000 square feet (Lafayette): ARCO (Atlantic Richfield Corporation)
- 90,000 square feet (Lafayette): Marathon Oil Company
- 65,000 square feet (New Orleans): Chevron, USA, Louisiana Offshore Oil Port (LOOP), Texas Instruments/GSI
- 58,000 square feet (New Orleans): ENI USA, Inc
- 45,000 square feet (New Orleans): Amoco, Inc.
- 28,000 square feet (Houma): USI/Southwest
- 27,000 square feet (Elmwood): Walle Labels
- 25,000 square feet (Metairie): The St. Paul Fire & Marine Insurance Company, IBM, Tel Plus Communications, Insurance Underwriters, LTD
- 22,000 square feet (Metairie): IDS/American Express
- 20,000 square feet (New Orleans): Texas Instruments/GSI, McDermott, International, Club Corporation of America
- 15,000 square feet (New Orleans): Muriel’s Jackson Square, LLC-French Quarter
- 14,000 square feet (Lafayette): HUB, Intl.
- 13,000 square feet (New Orleans): Duplantier, Hrapman, Hogan and Maher, LLP
- 10,000 square feet (Metairie): Symbion Healthcare, Milliken & Michaels, Technical, Inc., The Medical Team, Inc., Bass Enterprises, Inc.
- 9,000 square feet (Metairie): HUB Intl.; 9,000 square feet (New Orleans): Elkins, PLC, Merrill Lynch; 9,000 square feet (Marrero): SurgCenter
- 7,500 square feet (Baton Rouge): AMR Automotive, LLC
- 6,000 square feet (Metairie): Dr. Robert Veith, LLC/Oncology
- 5,000 square feet (New Orleans): Equifax, Schlumberger, The Western Company of North America, Parsons, Brinkerhoff, Quade and Douglas
- 4,000 square feet (Baton Rouge): KBC Advanced Technologies, Inc., Louisiana Society of Engineers and Land Surveyors, Banker’s Life
- 2,000 square feet (New Orleans): Evergreen International, Inc, The Money Store, Inc., Ameriquest Mortgage, Lockheed Martin, Camp, Dresser, McKee, Hallmark Cards, Adecco (Olsten Temporary Services), Starbucks Coffee Company, Buffalo Exchange, Inc.; 2,000 square feet (Lafayette): IdentoGo, 2,000 square feet (Baton Rouge): IdentoGo, 1,500 square feet (Houma): Kindred Rehabilitation, 1,300 square feet (New Orleans): Express Pros-New Orleans, PJ’s Coffee
Member, National Coalition of Tenant Representatives
We have been invited to join the new yet prestigious National Coalition of Tenant Representatives, with locations in over 77 domestic cities and growing. Nationally and internationally, we are united with a single commitment-“100% Tenant Representation.”
Recognizing the changes in the Corporate Real Estate world, and the demands for uncompromising commercial real estate (CRE) representation has drawn us together to be the conflict-free, single-agency, undivided loyalty entity that every business is paying for and should expect—but is not necessarily receiving— with every commercial real estate transaction.
Click a desired city on the map below to display the name and contact information of our network agent in that marketplace. If you are in need of representation, please contact me and I will be happy to discuss those needs with you and to make the proper introductions. We are committed to ensuring that our clients receive the best services with easy access to trusted and experienced agents focused on your specific needs.
We Work Closely with These National
Real Estate Brokerage Organizations:
International Tenant Representatives Alliance (ITRA): ITRA Global is an organization of real estate professionals specializing in representing commercial tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities.
Corporate Real Estate Advisors (CRESA): We’ve always been strong advocates for clients. Apparently, they’re strong advocates for us. The Watkins Research Group ranked CRESA #1 in client advocacy.
Economic Development in Louisiana
State Sponsored Financial Incentives
Identifying locations with a talented workforce was a key strategy for CGI. Louisiana’s skilled workforce and nation-leading digital media tax credit made the state a strong contender for CGI’s next investment as it made efforts to stay ahead of reshoring trends.
The strength of this partnership was critical for the success of the project. LED collaborated with Baton Rouge’s consolidated city-parish government, the Baton Rouge Area Foundation, the Baton Rouge Area Chamber and Louisiana State University to make the best case for Louisiana and compile solutions to address IBM’s workforce needs.
The center has become home to 300 high-quality technology jobs and serve as a major resource for GE Capital employees across the nation. Executives announced GE Capital would occupy over 60,000 square feet of office space in the New Orleans Central Business District.
Case Study 1
Working in conjunction with the National Tenant Broker for a $2B Life Insurance Company in need of relocating an existing 4,000 sqft office in Baton Rouge, we successfully identified 5 locations that met the criteria with a focus on an I-10 location, 35 parking spaces, accessibility and rental rates. A customized Proposal was created, submitted and analyzed upon receipt. 3 locations were identified from the results, with 1 at the top of list. We were successful in achieving the property of choice that satisfied all special needs requirements of the local and corporate offices, as the Tenant was able to upgrade their space from Class C to Class A at below-market conditions taking advantage of existing Class A interiors with renovations.. The Listing Agent was outstanding to work with as was the Landlord. This assignment took 7 months to complete.
Case Study 2
After receiving a referral from the Atlanta National Tenant Broker, I was introduced to a 150-year-old local lithographic food label printing company in need of a new distribution warehouse facility as close to the main plant as possible. After an exhaustive search and market analysis it was determined that an existing 25,000-30,000 sqft warehouse, with the necessary amenities, did not exist in the area of choice and the client would have to go outside of their preferred area. A facility was identified West of the Airport in another Parish, in an established industrial warehousing area. Immediate negotiations commenced and was completed in mid-December, 2016. Tenant was able to upgrade its space needs to Class B at below-market rents with negotiated built-to-suit tenant improvement dollars and rent offsets. Construction is currently underway with occupancy by the end of March, 2017. This assignment took 1 year to complete.
My Office Market Predictions for Metro New Orleans:
Our office market is going through a Renaissance like nothing we have ever experienced. For the first time in memory, some of our office buildings are no longer valuable in service to their original intent.
Over 1M sqft of office space over the last eight years has and is undergoing conversions to Hotel Rooms, Apartments, Condominiums and Retail.
This is just the beginning.
As of the 1st Quarter-2017 at least 1 CBD- Class B high rise has been targeted by its owner for conversion as a combination Hotel and Apartments.
This landmark location building offers an extremely valuable amenity; an on-site parking garage and multiple ground floor retail re-purposing opportunities.
Tenants leases will not be renewed. Leases beyond 2 years will not be offered.
This is the highest and best use of these properties as our Historic CBD continues to host New Market Tax Credits and Federal/State Historic Tax Credits to Investors and Developers seeking to take advantage of this Urban Historic Federal Tax Credits program. Properties must be 50+ years old to meet the designation or receive a waiver from the City of New Orleans.
Needless to say, we have had a plethora of these properties until now.
At the rate these Historic properties are being converted we will see a continued reduction of our traditional office space availabilities as tenants are forced to relocate to other CBD buildings, pushing up the occupancy level as well as the rental rate.
Looking across the CBD skyline will show few cranes in the air and those you do see are associated with Hotel, Apartment and Condo conversions.
Retail prices are at their historical high due to the influx of businesses servicing the tourist and residential consumer.
Current Metropolitan Market Reports are available upon request and reflect the most accurate publicized information available. Year- end reports will be available 1st Quarter of the following year. Shadow market reports or sublease spaces are generally not available, but can be obtained through contact with Listing Agents.
The bottom line: in overall size, we are a 4th level market, and shrinking, in relationship to other major regional markets like Houston or Atlanta.
We have 8.8M square feet of Class A high-rises in downtown New Orleans and 2M square feet of Class A high rises in Metairie.
We have less Class A high rise square footage in total than 3 city blocks in the Houston Galleria corridor.
Our last Class A high rise was built in 1989 and is now known as the Benson Tower.
We will have no new high rises built in Metro New Orleans as we cannot substantiate the financial or pre-leasing demands to get the building out of the ground.
This ground is now more valuable as a parking garage, apartment and/or condominium building, or hotel conversion than as an office tower.
For this reason, what we have, is what we will have for the foreseeable future.
We are and have been in, over the last few years, a Landlord/Listing Broker controlled marketplace, with 2 local companies controlling the majority of the office and retail markets.
Tenants have very little choice as to stay or move, re-negotiate, renew or relocate with dual agency and conflicts of interest at every city block.
This circumstance is further complicated by the fact that :
1 National Investor owns 5 of the 14 Class A high rise office buildings in downtown New Orleans or 3.56M square feet out of the total 8.8M square feet or 41% of the market and
1 National Investor owns 4 of the 5 Class A high rises in the suburb of Metairie or 1.69M square feet out of the total 2M square feet or 81% of the market.
This fact is unprecedented.
In the News:
Jefferson office market could strengthen in coming months – New Orleans CityBusiness
Though strong, the Jefferson Parish office market remained flat in the past year as the area continued to recover from slumping oil prices. But commercial realtors say there is possible growth on the horizon.
A recent year-end report by Corporate Realty shows occupancy rates for the Metairie market slightly increased from 92 percent in 2015 to 92.3 percent last year. Rental rates for Class A buildings range from $21 to $26 per square foot, and space for Class B buildings rent from $18 to $22.
Maria McLellan, an independent commercial broker who represents tenants, said because the Metairie market is so expensive, many companies are moving their operations to St. Charles Parish, particularly St. Rose, where there is more available office and warehouse space.
“This is the highest rents have ever been,” she said. “It’s definitely a landlord’s market.”
McLellan said there has been a spillover effect into Elmwood, making real estate more valuable in the area. This in turn has made it impractical for developers to buy land and to build new warehouses and offices.
McLellan’s clients are now building out this space and leasing it as “flex space,” which is a conversion from warehouse to office space.
“Parking is free, and single-story building rents are much lower,” she said. “You can also finish out the open space how you want it.”
Jefferson Office Market Stagnant but Strong
Maria McClellan, an independent commercial broker who represents tenants, said many of her clients have been considering some of that “flex space” found in the Elmwood area as a conversion from warehouse to office space.
“Parking is free and single-story building rents are much lower,” McClellan said. “You can also finish out the open space how you want it.McClellan said the traditional office market in Jefferson is “saturated” and that there is very little out there. “It is definitely still a landlord’s market,” she said. “Tenants seeking leases have had to get creative.” PJ’s Coffee New Orleans: Maria McLellan Real Estate represented the franchiser with the renewal of an existing lease incorporating new terms and conditions after performing an audit on the lease with multiple amendments dating back 20+ years.
The Hyatt House brand, launched in 2012, offers extended-stay services with studios, one-bedroom and two-bedroom suites and full kitchens.
The brokers were hired to lease out three of the vacant floors on behalf of ENI Petroluem, which moved its employees to Houston but had space contracted through 2018.
Hand said of 9 million square feet of Class A office space in the Central Business District, more than 1 million square feet is up for lease — half of which represents full floors. Big companies that would be interested in large office space aren’t moving into the city, Hand said, while the city’s tourism economy is booming. The brokers decided to target the hotel industry.
“The space was strategically located in the center of all the new and exciting activity in downtown New Orleans,” Hand said in the release. “Our research showed the space had what appraisers call a ‘higher and better use.’ It just makes economic sense, but it is out-of-the box thinking.”
The building has a walkway to the Hyatt Regency at 601 Loyola Ave. Hand said guests at the new hotel will have access to the Hyatt Regency’s parking, fitness center and other amenities.
The project is being financed by a $120 million loan from Starwood Property Mortgage LLC, a subsidiary ofStarwood Property Trust, the nation’s largest commercial mortgage real estate investment trust, according to the release. The loan is guaranteed by a 60-year lease from building owner Poydras Properties to Waypoint NOLA LLC.
Robertson was one of the investors with Poydras Properties Hotel Holdings LLC, which bought the Hyatt Regency in 2007 for $32 million. The hotel reopened in 2011 after a $275 million renovation.
Poydras Properties also owns the Entergy building at 639 Loyola Ave.
Seven floors of Poydras Street office tower converting to $120 million Hyatt hotel
Seven vacant floors in the 1250 Poydras St. office tower will be converted into a 194-room Hyatt House hotel, a project that will consume the largest contiguous premium office space available for lease in the city, brokers on the deal announced Friday (Oct. 10).
The 11th through 17th floors in the middle of the 24-story tower will be converted to a hotel operated by Select Hotels Group LLC, a Hyatt affiliate, according to a news release from Robert Hand, president of Louisiana Commercial Realty, and Maria McLellan, Gulf States Real Estate Services LLC, Associate Broker.
Awarded CoStar Power Broker Top Broker Award
2014 CoStar Power Broker Award winner for Top Office Leasing Brokers in the New Orleans/Metairie Kenner market.
This award is based on overall leasing transaction volume as reported to CoStar and measured against all the commercial real estate brokers active in the region. As the largest research organization serving commercial real este, CoStar independently confirms and recognizes the most active firms and individual dealmakers in the industry each year with this prestigious award
MARIA McLELLAN REAL ESTATE: 1987-Present | Broker/Principal | New Orleans, LA
- “100% Conflict free” Tenant and Buyer advocacy representation of corporate commercial real estate needs throughout Metro New Orleans (10 Parishes) and the Super Region of Baton Rouge (8 Parishes) covering Central Louisiana to the Gulf of Mexico.
- Producing in excess of $528M in leasing volume and 1.47.5M sq ft of commercial real estate transactions.
- In 2014, co-brokered ENI USA, Inc. (multinational oil and gas company) in buy out of 58,000 sq ft (3 floors) as part of 7 floors of high rise office space converted to (first in Louisiana) $120M Hyatt House Hotel concept adjacent to the Superdome.
- Also represented the nation’s largest private healthcare company, Kindred, in opening offices in Houma, La.
- Worked independently and with regional/national Tenant Brokers as the local expert on transactions for Newmark Knight Frank/Grubb & Ellis, Equis, Studley Company, CRESA, and International Tenant Representation Alliance (ITRA) using extensive up-to-date market knowledge to represent highly specialized medical, insurance, legal, general office and retail clients.
Advanced Technical Education
2017 Professional Designation Class Completion
Maria McLellan Real Estate is proud to announce that Maria McLellan has successfully completed a live interactive course at Southeastern Louisiana University (SLU) in Hammond, La. on sharing best practices in Economic Development to create an effective Business Retention and Expansion (BRE) program. The BRE is a core course for the CLED (Certified Louisiana Economic Developer) credential.
The CLED training program, begun by LSU in 2008, is administered by LIDEA (Louisiana Industrial Development Executives Association), the statewide Economic Development professionals’ organization. Ms. McLellan is one of 31 recent graduates who have successfully completed the 65 hour course program incorporating 7 core, basic and elective classes in economics, strategy and planning, finance, development, marketing, reuse and retention encompassing over a 2 year time period beginning the classes at LSU-EJ. Ourso College of Business Executive Education and concluding at SLU, the new CLED program sponsor.
Students were full time public employees representing their respective Parish EDO, business entrepreneurs, real estate brokers, developers and attorneys, tax credit specialists, and site selectors participated in this course focused on how to understand their community’s business climate and structure an effective technical assistance program and advise policy makers on how to respond to existing businesses concerns. This course helps participants understand how a Business Retention and Expansion program relates to attraction, workforce development, small business finance, technology transfer and many other Economic Development activities and issues. For more information, visit http://www.lideatraining.com./