Closed Deals

Office 504-505 Parque Araucano Santiago· Chile

Code: TIO1005

Type:Office
Location:Las Condes
Built Year:2007
State:Sold
Office Area 504 (M2):205.62
Office Area 505 (M2):224.35
Tenant:Nova Nordisk

DOCUMENTS

Executive Summary

DESCRIPTION

TierraInfinita is proud to be the exclusive agent of this unique opportunity to acquire two adjoining offices in the exclusive building Parque Araucano, in the Nueva Las Condes area. Offices are leased to the multinational pharmaceutical company Novo Nordisk.

The properties, with a total joint area of 430 square meters, are units 504 and 505. The sale package also includes 7 parking spaces and 1 storage unit.

The Parque Araucano building is located in the consolidated Nueva Las Condes business district. The property, a 22-story Class A+ building with 6 underground floors, was built in 2007. The building currently enjoys an occupancy rate of 100 %, well above the average occupancy of Class A+ buildings in Santiago and the district.

The tenant, Novo Nordisk is a Danish pharmaceutical company with a multinational brand. The world headquarters are located in the city of Bagsvaerd, Denmark . Novo Nordisk’s market cap is about US$ 146 billion.

Novo Nordisk´s current lease expires in November 2019. The company has two 1-year extension options to be exercised upon the original lease expiration date.

Investment Highlights

Long Term Lease Contract

5 year base lease (Nov. 2014 – Nov. 2019).
Two 1-year renewal options.

Potential Rent Appreciation

Current lease rate is at 20% discount.
Potential cash flow appreciation on future leases.

Excellent Tenant

Nova Nordisk is a respected multinational company.
Market capitalization is around US$ 150 billion.

Spectacular Building

Class A+ building with fine finishes and spacious common areas.
Secure access 24/7.
Newly designed elevators.
Building vacancy is 0 %.

Premier Location

Exclusive Nueva Las Condes office district.
Just minutes to Manquehue subway station.
Only 2 minutes to Parque Araucano.
Easy and quick access to the eastern residential areas.
Multiple restaurants and cafes in the area.
Class A+ building vacancy in the area is significantly lower than the rest of the market.

Exceptional Offices

Superior quality offices with great finishes.
Spectacular views of Parque Araucano, a 32 hectares green area.
Future buildings will not obstruct views.

Limited Owner Responsibility

Owner shall only pay real estate taxes.
Tenant pays operating expenses.
Tenant pays maintenance.

Location

The building is in the heart of the hub of office development known as Nueva Las Condes. There are significant benefits to being located in this district, including:

The proximity to the Parque Araucano and Parque Arauco, which recently has had an influx of visitors due to the Boulevard consolidation.
Excellent connectivity with the rest of Santiago through Avenida Kennedy, President Riesco, Apoquindo, Manquehue, etc.
Proximity to public transportation. Just minutes from Manquehue Metro station.

Nueva Las Condes is marketed as “the first and only urban renewal project developed on a large scale in Chile that places special emphasis on the public spaces, since one of the main concerns is the Nueva Las Condes impact on the area and its integration into the environment. Buildings make up a large central area called – La Plaza de la Palabra, which is the central point.”

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