SAN JUAN, PUERTO RICO-The Federal Deposit Insurance Corp. (FDIC) is looking for a buyer for a 346,000-square-foot office building here, priced at $40.5 million. The agency has already taken over and is liquidating the assets of the former anchor tenant and owner, Westernbank.
Without the bank, the 22-story building is 60% occupied, says Marc Renard, executive managing director with Cushman & Wakefield’s Capital Markets Group. He says about $10 million in renovations has been spent on the building, built in 1973, in the past decade. Other tenants include the Cigna Corp. and Computer Associates. The property includes a 1,371-space parking structure and a two-story, 33,000-square-foot retail building that serves as the main entrance.
Renard tells GlobeSt.com that he’s seen significant global interest in the building, the largest asset currently being marketed by the FDIC. “The San Juan market is about 7.2 million square feet, and the class A market in the city’s Financial District has a competitive vacancy of about 10%, though it’s been as low as 3% in the past few years.”
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