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Opportunity: a “little gem” of Buenos Aires architecture is sold in the downtown area for less than US$1000/m² and they accept pesos - La Nación Propiedades
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Oportunidad: se vende una “joyita” de la arquitectura porteña en el microcentro a menos de US$1000/m² y aceptan pesos
Hasta hace un mes funcionaban las oficinas del HSBC; hoy está en busca de un nuevo dueño y se vende por US$10 millones pagaderos en pesos ajustados al dólar MEP
www.lanacion.com.ar
October 07, 2023
Until a month ago, the HSBC offices were operating; Today it is looking for a new owner and is being sold for US$10 million payable in pesos adjusted to the MEP dollar.
By Candelaria Reinoso Taccone
Florida 32 and Florida 40, two buildings with very different facades that are part of the same unified construction, are for sale
In the heart of downtown Buenos Aires, an internationally renowned architectural jewel is looking for a new owner. These are two buildings located at Florida 32 and 40, with the latter being the creation that fuses the vision of the Swiss architect Mario Botta and the Italian Haig Uluhogian, erected in 1989 as the Central Headquarters of the Banca Nazionale del Lavoro. This iconic building is one of the few examples in Buenos Aires that embrace the architectural trend of postmodernism, characteristic of the last decades of the 20th century.
The creation of the Swiss architect Mario Botta and the Italian Haig Uluhogian, erected in 1989.
The adjacent building, the former Mappin & Webb House, was built to house the jeweller's branch.
Located between Rivadavia Avenue and Roque Sáenz Peña Avenue, the land that now houses this impressive work on Florida 40 used to have a building built in 1893 by José de Carabassa , founder of Banco de Carabassa in 1860, which later changed hands and it was owned by the Sud América insurance company, among others.
On this pre-existing concrete structure, European architects took advantage and developed a work destined to stand out at an institutional level, according to the vision of Mario Botta, who aspired for it to become a monument for the city that would reflect the particularities of its location. An adjacent building, Florida 32, was even incorporated, whose original façade was preserved and connected internally to the new construction. This adjacent building, in a classical academic style, was conceived in 1911, a time when Florida Street was the epicenter of the Buenos Aires aristocracy. At that time, it housed the branch of the prestigious Mappin & Webb jewelry store.
The building on Florida 40 has a cylinder that divides the structure symmetrically
The façade of the building is the most important part of this work and its design is reminiscent of previous works by the Swiss architect.
The main element of Florida 40 is a palo borracho tree that crowns the building.
This resource was reiterated in several Botta projects.
The facade of the building is the most important part of this work and its design is reminiscent of previous works by the Swiss architect. In the center, there is a carved plane that forms a cylinder and divides the structure symmetrically. This column runs from the bottom to the 13th and 14th floors, and at the top, there is a tree called Ceiba Speciosa, also known as the drunken tree, which used to be the logo of the Banca Nazionale del Lavoro. It is the main element of the composition.
Furthermore, the cylinder crosses the surface of the façade and, within it, there is a stepped design that forms a large central space with beams that extend outward, marking the different floors. This creates a play of light and shadow that adds a very interesting visual aspect. Also, this stepped design is repeated from the sides of the building towards the center, which looks opaquer from the street due to the presence of the column and the remains of the plan.
Both buildings are available for potential buyers or renters.
The architects designed geometric marble pieces called “the ruins,” which refer to Italianness and symbolize the origin of the banking institution.
The arrangement of the two entrances provides oblique views from Florida Street towards the large entrance hall. The designers once again resorted to a characteristic element of postmodernism by incorporating geometric marble pieces called “the ruins”, which refer to Italianity and symbolize the origin of the banking institution.
In January 2006, after ceasing to operate in the country, Banca Nazionale del Lavoro sold this impressive building as part of its assets to HSBC, which has been its occupant ever since. Later, when HSBC sold its insurance area, La Buenos Aires, to the QBE group, it allowed this company to rent the space for its use. However, after QBE moved to a new building in the Núñez neighborhood and HSBC moved to Florida 229 about a month ago, the space became available for potential renters or buyers.
Florida 40 has large floors of 570 m².
The most classic building consists of four floors and floors of 770 m².
An especially relevant fact is that these buildings are available for sale in pesos, with a negotiation margin based on the MEP exchange rate, and their price is less than US$1000 per square meter. According to Gonzalo Meira, broker at JLL Properties, the building is ready to be occupied and is fully operational.
Particular characteristics
The total area of Florida 32 is 4,049 square meters, while that of Florida 40 is 9,288 square meters, thus adding a total area of 13,337 m². Both went on the market for US$10 million and are connected by a commercial premises, as well as the basement. The tallest and most modern building, Florida 40, although iconic, is not particularly efficient in terms of lighting due to its façade, although it has spacious floors of 570 m². On the other hand, the most classic building consists of four floors and floors of 770 m². One of the elements that stands out in this place is its spacious terrace on the fourth floor, decorated with living rooms and dining tables.
Florida 32 has a spacious terrace on the fourth floor.
“The investment necessary to acquire this space is low, especially compared to other buildings in poor condition in the downtown area,” says Meira. As both buildings were occupied until very recently, this feature significantly distinguishes them compared to other properties in the same area. In addition, it is relevant to mention that there is the possibility of changing the use thanks to the implementation of the Transformation and Reconversion Plan of the Porteño Microcenter, which means that both buildings could be transformed into residential or mixed buildings.
The microcenter in transformation
In the downtown area, 20% of the buildings function as homes and the other 60% as offices.
Transforming old office buildings in Microcentro, one of the neighborhoods that suffered the most during the pandemic, is gaining strength as an emerging trend. The series of tax incentives implemented by the Buenos Aires government seeks to encourage this practice and revitalize the area that extends from Santa Fe, del Libertador, Leandro N. Alem, Paseo Colón, Belgrano, Bernardo Irigoyen avenues to Carlos Pellegrini.
Some examples of buildings that have already begun to opt for residential conversion include the former Tornquist Bank, acquired by Parimax SA, which plans to completely recycle the building to develop luxury apartments for housing. Also, the current headquarters of Banco Santander, which has been acquired in its entirety by Tayron Capital and is intended for mixed use. Another example is ARThaus , a project that includes spaces dedicated to art and gastronomy, and which until recently housed Banco Supervielle.
Some buildings have already begun to opt for residential conversion, such as the former Tornquist Bank, which will have homes
Currently, the proportion of housing and offices in the area is 20% and 60%, respectively. To modify this relationship, it is proposed to somehow reimburse the expense invested in the restructuring of offices into homes through one of the main tax rates: Gross Income. It is important to note that this benefit does not apply to new projects, but rather promotes the conversion of existing buildings.
In addition, the “Move to Microcentro” program is in operation, which seeks to promote the rental of housing in this area. It offers facilities in the cost of moving through lines of credit from Banco Ciudad and UVA loans with a mortgage guarantee to promote the acquisition of reconditioned homes.
By Candelaria Taccone
