BY TIMOTHY BOONE | BUSINESS EDITOR | THE ADVOCATE
SEP 8, 2022 - 12:12 PM
Republic Finance, which recently announced plans to build a new headquarters in Texas, has sold its Baton Rouge office building for $12 million under a leaseback agreement.
Louisiana Paradigm LLC, based in Vidalia, bought the building at 7031 Commerce Circle, said Randy Herring of Derbes Falgoust Commercial Real Estate. Herring and Mike Falgoust represented Louisiana Paradigm, while Mohr Partners of Dallas represented Republic Finance.
Republic Finance is the sole tenant in the 27,160-square-foot building, which it built in 2009 just off Corporate Boulevard. The company has more than 200 employees in Baton Rouge.
As part of the sale, Republic Finance signed a 15 year lease agreement for the building, with multiple extension options.
Vidal Davis, manager of Louisiana Paradigm, said the company liked the building, the location and Republic Finance as a tenant. "The strength of Republic Finance, their past, and their future bodes well for us as the new building owners and for the Baton Rouge community," Davis said in a statement. "Republic Finance is deeply rooted in Baton Rouge, and our hope as owners is that we are here just as long as Republic will have us."
Republic Finance plans to open a new headquarters in Plano, Texas, in spring 2023. The company, which provides consumer loans to about 400,000 customers, said it needed a second location to meet the needs for future growth.
Rex Ellison, president and CEO of Republic Finance, said the plan is to keep the Baton Rouge office open as a support center, housing human resources, accounting, legal and compliance. Ellison has said the company will probably continue to add employees locally.
"Republic Finance has been in Baton Rouge for over 70 years, and we look forward to the next 70 years as we execute on our mission to be the premier consumer loan company in America," he said in a statement.