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One of the most iconic and coveted corners of Buenos Aires was sold - Infobae
Source:
January 17, 2024
It is in the Núñez neighborhood and there is a service station there. The buyers will build a luxury office tower that will add to that part of the City's northern corridor that they already call the “new Catalinas.”
By José Luis Cieri
The service station that was sold as land. Million-dollar operation that will allow the development of a future business and office center
It is one of the most coveted lots in Buenos Aires and was sold in the last few hours for a million-dollar figure.
The historic service station located on Avenida del Libertador and Manuela Pedraza, in the Núñez neighborhood, will change its appearance. Developer Raghsa recently acquired the land that previously housed an Axion station. He paid about USD 15 million and bought it from the Panamerican Energy company, now former owners of the station.
Now, with an investment of USD 160 million, the company is preparing to shape a new property, aspiring to turn it into an outstanding business and office hub. This investment will allow the expansion of its corporate portfolio in the new district, reaching a total of 200,000 m2 for rent.
The future construction will be adjacent to its two latest additions in premium corporate towers on location: Libertador Business Center (with 100,000 m2) and Núñez Business Center (50,000 m2). The latter is under construction and is estimated to be completed in mid-2024.
With a history that covers the construction of more than 1 million square meters, the developer, established in 1968 by Moisés Khafif , left a significant mark in the residential field through emblematic projects such as the Le Parc towers in Palermo and Puerto Madero, in addition to its current foray into Punta del Este. In recent times its main focus in Buenos Aires is exclusively on corporate development, with a focus on high-end office spaces.
Centro Empresarial Libertador has been operating since 2020 in front of the corner that was recently purchased. More than 20 companies operate there (Photo Courtesy: Raghsa)
What will be built
On the land recently acquired by Raghsa located next to a classic fast food establishment and another luxury French-style residential building, a new premium corporate office building will be built that will be used for the rental market for companies.
Until recently, the service station operated in a dynamic area
It will be a high-end office tower with a total construction area of 50,000 m2 and around 25,000 profitable m2, with free and flexible floor plans equipped with the latest technology. Although the exact date for the start of construction has not yet been confirmed, it is estimated that it will be at the end of this year or in the first half of 2025.
“With this new project we will reach 200,0000 m2 in our office portfolio in the new corporate district of the northern corridor, consolidating our high participation in the high-end office tower market,” said Mariano Vega , general manager of Raghsa.
It is intended that, like the developer's other premium towers, it obtains the LEED Core & Shell Gold level certification granted by the United States Green Building Council . In addition, it will be erected in compliance with local fire safety and prevention regulations, as well as NFPA (United States National Fire Protection Association) standards.
Experts maintain that the arrival of a new office development is positive for the Núñez neighborhood, because it defines its physiognomy, thereby contributing to the exponential growth of the area.
There are several towers in the area and others in the construction phase.
In recent years, banks, restaurants, gyms, universities, supermarkets and cinema complexes have been installed, providing more necessary services and easy access to meet the needs of the demand that continues to increase.
With the recent purchase of this land, Raghsa reinforces its presence in the corporate sector. The planned investment will exceed USD 300,000,000, considering exclusively the three corporate towers in the area, which stand out as the most prominent office buildings in Argentina. The Libertador Business Center, the Núñez Business Center (opens in 2024) and the property that will be built on the recently acquired lot promise to transform the northern Buenos Aires corridor into the “new Catalinas.”
Furthermore, large companies, in the post-pandemic stage, reinforce their interest in establishing themselves both in this area and in the northern area of Greater Buenos Aires.
“These developments have a positive impact on an economic, social and environmental level since they enhance the area with new growth opportunities,” concluded Vega.
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