At a time when Argentine companies have limited options regarding transferring profits abroad, two of Argentina’s largest banks are making major investments in Buenos Aires AAA office space.
BBVA Banco Frances will invest US$220 million to acquire 23 floors in the recently announced Catalinas Norte project. Upon completion in 2015, the new 33-story office tower at the corner of Cordoba and Alem will be the tallest building in Microcentro. In the process, BBVA will acquire 366,000 square feet of premium office space at an average price of US$601 per square foot.
Meanwhile, Banco Santander just announced it will invest US$137 million in a new office tower at the opposite end of downtown. The new building at Garay and Paseo Colon will house the company’s IT and operations support teams. The total investment included US$120 million for the parcel acquired from the Universidad Austral.
Similarly, BBVA will now be able to centralize operations from ten separate offices scattered around Capital Federal into the new “Torre BBVA” which will include offices, conference rooms, dining rooms, a fitness center and multiple levels of parking. The developer says the BBVA Tower will be LEED certified and the first building in Argentina with high-speed elevators. (Full Story in Spanish)
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