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Pan-American Sells Headquarters Building

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A life insurer that endured Hurricane Katrina is profiting from the strong commercial real estate market.

Pan-American Life Insurance Company, New Orleans, has agreed to sell its 28-story headquarters building, the Pan-American Life Center, to Equastone Inc., San Diego, Calif., a real state company.

Pan-American has signed a long-term lease to stay in the building, and it also is planning to keep the nearby InterContinental Hotel, the company says.

Pan-American will continue to invest in maintaining the hotel, and it is pleased with the recovery of the business since Katrina, the company says.