SANTIAGO, CHILE-The SCL Apoquindo 4501 here was sold for $100 million, thanks to CBRE. The seller was a German open-ended fund.

According to the company, this class A office property transaction marks the largest office disposition via an exclusive marketing process in the city. Tim Gifford, SVP with CBRE’s Global Capital Advisory Group, represented the fund with Carlos Antunez, president of CBRE in chile.

Antunez notes that, “This transaction further represents a significant fundamental change in the local Chilean investment market with local institutional funds outbidding all foreign competitors. As the market continues to mature stratified ownerships will dissipate to make way for the more stabilized single-ownership structures.”