Two of New Orleans’ most recognizable skyscrapers — the Hancock Whitney Center and 400 Poydras Street — are now in default on their debt, deepening uncertainty over the city’s fragile downtown office market.

The dual defaults come as Shell Oil prepares to vacate its longtime offices in the Hancock Whitney Center and is expected to relocate to a new River District headquarters in early 2027 — a move that would further strain a market still struggling to regain footing after years of decline.

Both buildings are owned by Hertz Investment Group, the Los Angeles-based firm that for nearly two decades was a dominant presence in New Orleans’ skyline. Now, both properties are under the control of "special servicers," third-party firms that step in and take control of properties when commercial

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