JP Morgan has finalized the lease of an entire office building — marking the most significant corporate rental transaction in Argentina in the past 20 years. The tower, located just meters from Avenida del Libertador in the Núñez Business Center (CEN), lies within one of the most established areas along the northern corridor of Buenos Aires. Raghsa, the country’s leading office developer, will invest US$55 million in the project.
Construction will be carried out in stages, with initial handovers expected in 2026 and final completion scheduled for 2027. Once renovations are complete, the firm will occupy over 20 floors on the Núñez campus.
This transaction is a milestone in the local office market, not only due to its scale, but also because it is backed by an international company that, through this decision, is sending a clear signal of confidence in the country’s stability and long-term outlook,” said Nicolás Cox, President of CBRE for Argentina and Chile, the firm that closed the deal. In numbers, the transaction represents over 50% of the total office rental space projected for 2025, and accounts for 58% of the total leased area in 2024.
“The opening of these new offices reflects 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 J.P. Morgan in Argentina, Uruguay, Paraguay, and Bolivia.
The 23,000 m² building, located just meters from the Centro Empresarial Libertador (CEL), adds to an area with the highest rental values in the city and will account for 30% of the estimated new supply for 2025 — further consolidating the northern corridor as a strategic business hub.
According to CBRE data, the corporate submarket along Avenida del Libertador recorded a vacancy rate of 12.5% at the end of the first quarter of 2025 — 4.4 percentage points below the market average.
“In absolute terms, this is one of the most significant lease transactions recorded in the Argentine corporate market in recent years. This move sends a positive signal for the sector and reinforces Argentina’s perception as a market with real opportunity,” added Karina Longo, Research Manager at CBRE Argentina.
The building leased by the company—one of the country’s largest employers with more than 3,800 staff—is designed to accommodate new ways of working, featuring flexible zones, formal and informal meeting spaces, and state-of-the-art technology. It will also include a Sky Garden with over 750 square meters of green areas, common spaces, and panoramic views of the city from the 11th floor.
JPMorgan Chase, which operates its only Corporate Center in the region out of Argentina, also announced plans to expand its offices at Avenida Belgrano 955, in another building also developed by Raghsa.
A district with growing potential
The corporate hub is one of the fastest-growing areas in recent years. The plot where JP Morgan’s new tower is being built was purchased in 2020. In addition, early last year, Raghsa acquired another emblematic lot in the neighborhood—previously occupied by an Axion gas station—located next to McDonald’s and across from the Obras stadium. The 2,800-square-meter property sits at the corner of the iconic avenue and Manuela Pedraza Street, right in the heart of Núñez.
This development aims to further establish a thriving corporate hub along Avenida del Libertador. During the pandemic, the company inaugurated the Centro Empresarial Libertador—its most ambitious project to date. Spanning 100,000 m², the striking structure at 7200 Avenida del Libertador features 26 column-free floors ranging from 1,200 to 2,900 m². With a total of 60,000 m² of leasable space and average rental rates of US$32/m² per month, it stands as the largest AAA office building in the country.
With the acquisition of this latest plot, Raghsa strengthens its position in the corporate real estate market, reaching 200,000 m² of office space and an investment exceeding US$300 million—considering only the three corporate towers it has developed in the area. These three landmark projects are now among the most significant office buildings in Argentina, and are playing a key role in making the northern corridor of Buenos Aires increasingly attractive to businesses.
Source: La Nación
