LSU Health Sciences Foundation building has a new tenant

The LSU Health Sciences Foundation building, located at 2000 Tulane Ave. in the heart of the New Orleans BioDistrict, has a new tenant.

4th Sector Solutions Inc., which serves charter schools and nonprofits in strategic, operational, financial, and organizational services, has signed on as a new tenant for a 5-year lease term, with two, 2-year options. The company will be occupying approximately 3,500 square feet of space on the third floor, according to Joe Neary, chief operating officer for 4th Sector Solutions.

The “easy-flowing office” was move-in ready for 4th Sector Solutions with no necessary improvements, said Andrea Arons Huseman, leasing and brokerage specialist for Corporate Realty. Huseman represented the landlord and, with her colleague, Jeff Cohn, also the tenant in the transaction. The negotiations began in February 2022, she said.

“Tulane doesn’t have a lot of office space,” said Huseman. “This building is just a very new building and there aren’t new buildings in that area. To have a tenant that we feel is good for the public, and kind of fits with what LSU Health Foundation wants to do, serving the public — I think it’s a good marriage.”

Headquartered in Baton Rouge, 4th Sector Solutions has had a presence in New Orleans since 2012, with its office previously located at 2374 St. Claude Ave. The firm opened in New York in 2007 before setting up a home base in Baton Rouge in 2008. Currently, the company employs a total of 70 staffers with 17 in the New Orleans office, though Neary said he is looking to add workforce.

“We’re trying to hire finance people, accountants. and staff the office up to between 21 and 25 people,” said Neary. “A lot of our clients are in New Orleans, or they’re coming to New Orleans. The security is great. The staff at LSU Health Foundation is also great. This particular location is really convenient. It is right off the highway.”

Though its lease term begins July 1, Neary said 4th Sector Solutions was able to negotiate an agreement to move in early, forgoing rent for a month and a half while it shuttered the previous location. “So, we’re already in and we’re fully operational,” he said.

The building’s amenities were attractive, and the neighborhood is a draw for Neary, who says the company’s previous location presented security concerns, among a couple other issues such as a lack of off-street parking.

“Overall, it’s a professional neighborhood: lots of doctors and nurses and medical students walking around,” said Neary. “It’s a really pleasant place to be and come to, and we work some late hours, so we’d like to make sure our people feel comfortable and safe when we’re working. Not only that but apparently Trader Joe’s is coming down the street. So, we’re looking forward to that.”

Built in 2013 by Mathis Brierre Architects, the LSU Health Sciences Foundation building, directly across from the LSU Health Sciences Center and University Medical Center and near other medical institutions, is home to The Foundation for the LSU Health Sciences Center, and both Smoothie King and Bao Mi, located on the ground floor.

The BioDistrict features the 446-bed teaching facility University Medical Center New Orleans, which relocated to its Canal Street facility in 2015; the VA Medical Center, which relocate facilities in 2016; and the expansion of Tulane University’s downtown campus to include new medical and research facilities.

Huseman, with Corporate Realty since 1986, believes the commercial office space market is not as bearish as has been buzzed about lately, at least not locally. Huseman said she had encountered interest from several groups about the available space at 2000 Tulane Ave. before this tenancy with 4th Sector Solutions was inked.

“My perspective of the office market is that while people are working a hybrid schedule, I think that the office market is maybe stronger than what it appears to be,” she said. “I think the further we get away from COVID, you’ll see that people will want to have that office presence. We’re seeing it at Canal Place, I’m seeing it at Riverside, I’m seeing it at UNO (The Beach).”

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