Press Releases
Pan-American Life Center Sold
NEW ORLEANS 12/27/2006 2:41:22 PM
Insurer Signs Long-Term Lease to Remain in New Orleans
NEW ORLEANS - (December 27, 2006) - Pan-American Life Insurance Company has announced the sale of the Pan-American Life Center at 601 Poydras Street to Equastone, a California real estate company.
Pan-American Life, celebrating its 95th anniversary in New Orleans this year, has signed a long-term lease to remain in the building and keep its International Headquarters in the city.
“The building was not formally on the market,” said Pan-American CEO José Suquet. “Equastone took the initiative to explore possibilities in the recovery of the New Orleans area and decided they wanted to be a participant in the process. They have a proven record of success and are exploring other investment opportunities in the city as well.”
Suquet pointed out that, for Pan-American, the decision to sell was essentially a decision to restructure the company’s balance sheet, making an already financially strong insurance company even stronger. The move also fits in with the company’s continuing strategy of focusing exclusively on its core business. The decision was unanimously supported by Pan-American’s Board of Directors.
Our partnership interest in the InterContinental Hotel, adjacent to the Pan-American Life Center, was not part of the sale and will remain one of Pan-American’s real estate investments. The company will continue to invest, in conjunction with InterContinental Hotel Group (ICH), in maintaining the property and is pleased with the recovery of the business since Hurricane Katrina.
“We welcome Equastone to the New Orleans business community,” said Suquet. “They have been introduced to our political leadership, and the company has shown that they will be a long-term positive and professional influence on our local economy.”
Wall Street Journal ArticleNew Orleans Times-Picayune ArticleAbout Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com
Back to Press Releases