It’s a nine-story building, although no official details about the transaction figures have been disclosed.
Just a few hours ago, it emerged that another company has joined the trend of leasing an entire office building to set up operations in the country, similar to what happened a few months ago with J.P. Morgan. This time, the move took place in one of the most upscale neighborhoods of Buenos Aires: the highly sought-after Puerto Madero.
The lease involves a building called Colonos Plaza, a tower located within an office complex in Puerto Madero, according to El Cronista, which also revealed that the tenant is likely the U.S. oil company Chevron, with the transaction handled by JLL.
La Nación reached out to Jones Lang LaSalle (JLL), and the firm stated that they have not disclosed any details publicly and are unable to do so due to a confidentiality agreement. They only shared that it is a “very positive operation for the office market, particularly in Puerto Madero; it’s been a while since there has been a transaction of this kind, except for the J.P. Morgan deal a few months ago.”
According to other industry sources, the tenant is indeed Chevron. They note that there was no availability of a whole building with that surface area for rent in the area; this tower had more than half of its offices vacant, and now the remaining tenants have vacated to make way for the oil company. It is unclear how the arrangement was made—whether the existing leases were terminated early or happened to end at this time, allowing for the vacancy.
The Colonos Plaza complex is located at 300 Juana Manso Street, in Dock IV of Puerto Madero. It was reportedly built between 1999 and 2001, resulting in two twin buildings, although one is larger than the other. The leased one is the larger tower, with nine floors and between 13,000 and 15,000 square meters of space.
J.P. Morgan Also Leased an Entire Building
What’s notable about this move is that it adds to a recent trend that could be gaining momentum: single companies leasing entire office buildings. In fact, two months ago La Nación reported that J.P. Morgan had leased an entire office tower—more than 20 floors—in the Núñez neighborhood. This marked the most significant corporate leasing transaction in Argentina in the last 20 years.
The tower will be located just meters from Avenida del Libertador, within the Núñez Business Center (CEN)—a neighborhood that continues to grow both in residential developments and office space supply. Raghsa, the country’s leading office space developer, is investing US$55 million in this project, which is being built on land previously used for soccer fields, behind a McDonald’s restaurant. The development will be carried out in stages, with the first deliveries expected in 2026 and final completion in 2027.
“This operation is a milestone in the local office market—not only because of its scale, but also due to the backing of an international company that, through this decision, sends a clear signal of confidence in the country’s stability and long-term outlook,” said Nicolás Cox, President of CBRE Argentina and Chile, the firm that brokered the transaction. In terms of volume, the deal represents more than 50% of the estimated office leasing activity for 2025, and 58% of the total office space leased in 2024.
Facundo Gómez Minujín, Senior Country Officer for J.P. Morgan in Argentina, Uruguay, Paraguay, and Bolivia, added: “The opening of these new offices reflects the strengthening of our presence in Argentina. This is not just an investment in infrastructure, but also in the future of our workforce, and it reinforces our commitment to the country’s economic development.”
These developments further consolidate the Libertador corridor, which continues to expand in both residential and commercial real estate offerings. In fact, during the pandemic, Centro Empresarial Libertador was inaugurated—the most ambitious project by the company to date. With a surface area of 100,000 m², this imposing structure at Avenida del Libertador 7200 features 26 open-plan floors ranging from 1,200 to 2,900 m². With 60,000 m² of rentable space and an average rental rate of US$32/m² per month, it stands as the largest AAA office building in the country.
Notably, just steps away, the Innovation Park (Parque de la Innovación) is under development on the former 32-hectare site of Tiro Federal. This ambitious project—which continues to attract new real estate ventures at a rapid pace—aims to create a “small city” featuring public spaces, modern office and residential buildings, and a wide range of commercial and dining options. It will also host universities and technology and science-driven companies.
“Núñez has become an aspirational relocation destination for companies across a wide range of industries—not only because of the new developments, but also due to its proximity to the Libertador corridor and its overall environment,” said Domingo Speranza, CEO of Newmark.
Source: La Nación
