The office building at Rua Padre Joao Manoel, 933, is in the sought-after Jardim Paulista district, a prestigious address that Elman likens to New York City's Madison Avenue. Elman has nearly completed negotiations with two tenants, a Brazilian law firm and a telecommunications company. The US Consulate in Sao Paulo has relocated to a new facility.
This is the company's first purchase of a building from the US government outside of the US. In addition to a second former consulate in Brazil, Elman says that he is also negotiating with the Department of Defense for two sizable facilities in Italy. "This is the start of a pattern," Elman tells GlobeSt.com. "We are going to be buying more assets abroad owned by the State Department, Department of Defense and Department of Transportation.
As it looks abroad, Elman will also continue to buy government assets in the US. Last week, the company closed on two buildings in Anchorage, Alaska, for $15 million. Thought the owner was private, the tenants of the buildings were the FBI and the Drug Enforcement Agency. Elman already owns a building in Anchorage used by the Fish and Wildlife Service.
In total, Elman Investors' portfolio encompasses 3.7 million sf with a total value at cost of $435 million. Through its government acquisition program, the company has bought 43 building in 19 states, plus Brazil.
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