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An oil company rents an entire office building to expand in Buenos Aires - La Nación Propiedades
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Una empresa petrolera alquila un edificio entero de oficinas para expandirse en Buenos Aires
Se trata de un edificio de nueve pisos, aunque no se han difundido detalles oficiales de los números de la operación
www.lanacion.com.ar
July 14, 2025
It is a nine-story building, although no official details of the operation numbers have been released.
A nine-story building in Puerto Madero was fully leased by the oil company Chevron. PATRICIO PIDAL/AFV.
As it became known a few hours ago, another company has joined the bid to rent an entire office building to set up shop in the country, just as JP Morgan did a few months ago. This time, the venture was in one of the most luxurious neighborhoods in Buenos Aires: the coveted Puerto Madero.
This is the rental of a building called Plaza Colonos, a tower located within an office complex in Puerto Madero , according to El Cronista, who also revealed that the tenant would be the American oil company Chevron and the operation was carried out by JLL.
LA NACION held talks with Jones Lang LaSalle (JLL) , and the firm revealed that it has not provided any details publicly and cannot do so due to a confidentiality agreement. They only shared that this is a "very positive transaction for the office market, especially in Puerto Madero ; a transaction of this type hasn't happened in a while, except for JP Morgan's, which took place a few months ago."
According to information from other industry sources, the tenant is indeed Chevron. They reveal that there was no offer for an entire building of that size for rent in the area; this tower had more than half of its offices vacant, and now the remaining tenants have left to make way for the oil company. It is unknown how the arrangements for closing the building were made: whether the current contracts were terminated early or if they ended on this date and the vacancy was declared.
The building leased entirely by Chevron is the Colonos Plaza.
The Colonos Plaza complex is located at 300 Juana Manso Street, on Dock IV in Puerto Madero. It was reportedly built between 1999 and 2001, creating two twin buildings, one with more floor space than the other. The rented building is the larger, with nine floors and between 13,000 and 15,000 m².
There are nine floors with a surface area of between 13,000 and 15,000 m2.
This is what plants with lots of natural light look like.
JP Morgan also rented an entire building
The interesting thing about this transaction is that it follows another recent transaction elsewhere in the city, foreshadowing something that could become a trend: the leasing of an entire office building by a single company. Indeed, two months ago, LA NACION revealed that JP Morgan leased an entire office tower, over 20 floors high, in Núñez . Thus, it closed the largest corporate leasing transaction in the country in the last 20 years.
The tower will be located just meters from Avenida del Libertador, in the Núñez Business Center (CEN), in a neighborhood that is increasingly consolidating its residential and office offerings. Raghsa, the leading office developer, will invest US$55 million to complete this project, which is being built on the site of a former soccer field behind McDonald's. The project will be completed in stages, with initial deliveries in 2026 and completion in 2027.
"The transaction is a milestone in the local office market not only due to its scale, but also because of the backing of an international company that, with this decision, sends a clear signal of confidence in the country's stability and future prospects," said Nicolás Cox, president of CBRE for Argentina and Chile, the company that closed the transaction. In terms of figures, the transaction represents more than 50% of the estimated office rental area for 2025 and 58% of the total leased area in 2024.
Núñez Business Center.
“The opening of these new offices demonstrates the strengthening of the company's presence in Argentina. This is not only an investment in infrastructure, but also in the future of our workforce , and it reinforces our commitment to the development of the local economy,” said Facundo Gómez Minujín, senior country officer for JP Morgan Argentina, Uruguay, Paraguay, and Bolivia.
These projects further consolidate the Libertador corridor, which continues to grow in residential and corporate real estate offerings. In fact, in the midst of the pandemic, the Libertador Business Center , the company's most ambitious project to date, was also inaugurated. With a surface area of 100,000 m² , this imposing structure, located at 7200 Avenida del Libertador, has 26 open floors ranging from 1,200 to 2,900 m². With a total of 60,000 rentable m² and an average rent of US$32/m² per month , it is established as the largest AAA office building in the country.
Of no small note is the fact that, just a few steps away, the Innovation Park is being built on the former 32 hectares of Tiro Federal . This ambitious project, which is increasingly adding real estate developments of varying sizes and is developing at a dizzying pace, seeks to create a "mini-city" that houses public spaces, modern office and residential buildings, and a diverse range of commercial and gastronomic offerings . It is also home to universities and companies linked to the world of technology and science.
“Núñez has become an aspirational location for a wide variety of companies to relocate, not only because of the new projects, but also because of its proximity to the Libertador axis and its surrounding area,” says Domingo Speranza, CEO of Newmark.
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