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Touchstone Plans Spec Argentina Office Project

BUENOS AIRES-The country's recovering economy has building owners here achieving rents that are three and four times higher than four years ago.

By Brian K. Miller | Updated on January 22, 2007

BUENOS AIRES-Touchstone Investments will break ground for a new 377,000-sf Downtown office tower here later this year. The project, planned for a one-acre site on Avenida Cerrito in the Nueve de Julio Corridor, is part of the California-based investment and development firm’s plan to accumulate a portfolio of class A office properties in this rapidly recovering market, where operational costs are on par with China and India without the time difference.

Touchstone’s director of acquisitions Scott Murphy tells GlobeSt.com that amount of development here is enormous but almost all residential at this point. “We actually entered the market two years ago and saw a niche in the office sector,” he says. “We saw multinational growth and expansion and no quality office space available.”

Indeed, the 12 million sf of class A space in this 30-million-sf office market is more than 97% leased and the newest building is four years old. Moreover, Murphy says there are more than two million sf of requirements in the market–from companies like IBM, Chevron, EDS and several European companies–looking for quality space and, at least for the next couple of years, no place for them to go.

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