Gayle Benson has acquired the 36-story high-rise at 909 Poydras Street, adding another downtown New Orleans skyscraper to her expanding real estate portfolio. The building, branded BankPlus Tower, is now part of her downtown real estate portfolio.
The deal closed Friday. Hertz Investment Group was the seller. The property carried nearly $40 million in debt at the time of sale.
A Tower Joins Benson's Downtown Footprint
The acquisition adds 909 Poydras Street to Benson's downtown portfolio.
The 909 Poydras property is an office building.
From Louisiana Land and Exploration to BankPlus
The property is also identified as First Bank & Trust Tower.
The acquisition adds to Benson's New Orleans real estate portfolio. Tom Benson, who died in 2018, purchased the former New Orleans Centre development, which included Dominion Tower and a 2,000-space parking garage. The Benson organization later renamed Dominion Tower as Benson Tower and redeveloped part of the former New Orleans Centre property into Champions Square.
Distressed Hertz Portfolio Sparks a Wave of Local Buyers
The 909 Poydras sale comes amid a court-ordered liquidation of Hertz Investment Group's national office portfolio after Israeli bondholders rejected a debt restructuring in October 2024, leaving the company saddled with more than $145 million owed to Israeli bondholders across eight or nine U.S. office properties, according to CoStar.
Other Poydras Street towers once owned by Hertz have followed similar paths. The 39-story Energy Centre at 1100 Poydras was taken over by its lenders in 2024 before new owner Triangle Capital Group secured $61 million in permanent refinancing this past February, per Commercial Search. Ownership of other Poydras Street towers has also changed.
Benson's Growing Poydras Street Empire
909 Poydras is part of Benson's downtown portfolio. Her organization purchased 1515 Poydras in 2025.
Benson Tower and the Benson Tower Annex are also part of the organization's portfolio. Beyond Poydras Street, Benson's organization owns the three-story Taylor Building at 944 St. Charles Ave., the former Circle Bar building at 1032 St. Charles Ave., and an adjacent quarter-acre lot. Hoodline previously reported the three-property Harmony Circle acquisition from Phyllis Taylor; the organization also has interests in the nearby Hyatt Regency New Orleans.
Downtown's Shifting Office Landscape
Downtown New Orleans is undergoing a broader transition from a purely commercial office district toward a mixed-use destination. According to NOLA.com, downtown office occupancy stood at 78% in 2025, marking the third consecutive year below 80%.
Adding to the pressure on legacy towers, Shell USA broke ground in early 2025 on Shell Plaza, an eight-story project in the River District — the first new Class A office building groundbreaking in more than 35 years. Shell Plaza's completion was expected in September. Shell Plaza is part of the River District.
