Place St. Charles is a 1,350,000 square foot, Class A, office, retail and parking property in the central business district of New Orleans. It is the largest non-governmental office building in Louisiana. J.S. Karlton completed the purchase of this 52-story landmark structure in October 1994 for less than a third of its original development cost. Initially occupied in April 1985, the building was acquired in foreclosure from its previous lender. J.S. Karlton identified, analyzed, structured and negotiated the acquisition and arranged seller financing. Loeb Partners Realty, Inc. is J.S. Karlton's joint venture partner in this investment. The Karlton Loeb venture refinanced Place St. Charles in March 2002 with long-term debt originated by Morgan Stanley.