Wednesday, September 24, 2014

The rent is too damn high

On Benson Tower, that is.
As part of a deal with Saints owner Tom Benson, the state is paying substantially more to rent space in Benson Tower than it did under previous lease agreements in New Orleans, according to a state legislative audit released Monday.

The state, through the Office Facilities Corp., pays $25.12 per square foot to rent space in Benson Tower from Zelia LLC, a Benson-owned company. That’s about 42 percent more than the state paid under previous leases in New Orleans before its local offices were relocated in 2011.

State offices were moved to the 26-story Benson Tower as part of the state’s incentive package to keep the Saints in Louisiana.

Under its current lease agreement, the state pays 32 to 35 percent more than the list cost for office space in Benson Tower, according to the report. The New Orleans lease also is about 32 percent more expensive than the state pays to rent space elsewhere in Louisiana.
Sounds like a deal worth its weight in bronze.

Bronze Tom

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