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PREI Buying 70,423-SF CBD Project From PAZ

LAS CONDES, CHILE-PREI signs a promissory agreement for PAZ's newest project in the city's commercial district. The high rise will deliver in June 2009.

By Connie Gore | Updated on April 16, 2008

LAS CONDES, CHILE-Prudential Real Estate Investors has put in dibs to buy a 21,465 m2 [70,423 sf] building in the Downtown’s financial district. The building, being developed by Santiago-based PAZ Corp. SA, will be completed in June 2009.

“The location of this project is unique with direct access to mass transit. The proposed building, once completed, will offer the highest quality standards for an AAA office building in the city,” Enrique Manzanilla, portfolio manager of PREI Latin America, says in a press release about the promissory acquisition agreement. The project at Apoquindo 4501 consists of 17,965 m2 [58,940 sf] of trophy office space and 3,500 m2 [11,482 sf] of retail space, rising at the epicenter of the city’s financial district and alongside retail, restaurants and hotels. Apoquindo Avenue is the heart of the city’s commercial district, dubbed “Sanhattan” by locals as a testament to its importance in the region.

Manzanilla says the project is going up in a submarket with low vacancy and high demand. The PREI team is betting not only on the building’s location, but its trophy design to attract key tenants. Las Condes is populated by upper-mid to high-income families.

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