Commercial real estate company Stirling Properties recently acquired its fifth United Plaza Office Park building.
The company bought the IV United Plaza building through Stirling Four United Plaza LLC from 8555 United Plaza LLC for $100 and other considerations, according to sales documents filed earlier this month with the East Baton Rouge Clerk of Court’s office.
Stirling Executive Vice President Grady Brame represented the company in the transaction. Charles Landry represented the seller.
The five-story building is one of a dozen in the 75-acre United Plaza Office Park, which is off Essen Lane near Interstate 12.
Stirling Properties now owns United Plaza buildings I, II, IV, VIII and XII. The company operates out of United Plaza Building II.
The building was built in 1986 and renovated in 2011. Brame says the building is 100% leased and Stirling views the property as a long-term investment.
Multistory office occupancy rates have become a growing concern in Baton Rouge, shrinking from a pre-pandemic 81% to 68%, according to a spring 2024 Greater Baton Rouge Association of Realtors Trends report. In April, V United Plaza had an occupancy rate of 34.28%; III United Plaza, 46.13%; and XII United Plaza, 59.74%.
