Earlier this week Paladin Realty Partners, a real estate investment fund manager focused on Latin America, announced the sale of Botafogo Trade Center (BTC), a Class A office building located in Rio de Janeiro, Brazil.
Strategically situated in Rio de Janeiro's Orla-Botafogo submarket, the 120,000-square-foot building offers scenic views of Botafogo Bay from its upper floors and is located only one block from the district's subway station.
Paladin Realty acquired the building on an all-equity basis in August 2008 in a partnership with Muriqui Investimentos, a local real estate investment firm that identified the opportunity. Originally designed for medical use, the building was only partially complete when acquired by Paladin Realty and no leases had been signed. The Paladin-Muriqui joint venture modified the building layout, completed the construction, and leased the building to 100% occupancy. Tenants of the building include large multinational corporations in a wide variety of industries.
"Our exit from the BTC investment has generated a solid return for our Latin America II fund," said Axel Chaves, Managing Director of Paladin Realty Partners and head of its São Paulo office. "When we acquired the asset, our goal was to complete the building in a manner that would attract institutional quality tenants in this sought-after sub-market of Rio de Janeiro. We succeeded in every respect."
"We've had a great experience on this project with Paladin Realty," said Ricardo Raoul, the founder of Muriqui Investimentos. "We hope to work with them again on future projects."
Paladin Realty was founded in 1995 and is an institutional real estate fund manager focused on Latin America. The firm focuses on the development of for-sale housing as well as opportunistic commercial investments and select entity-level transactions and distress situations. The firm has acquired or developed over US$7 billion of real estate across the United States, Brazil and other Latin America countries. Paladin Realty is headquartered in Los Angeles, CA, with offices in Morristown, NJ and São Paulo, Brazil.