X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAO PAULO, BRAZIL-Elman Investors has purchased a 150,000-sf office building, which housed a former US Consulate, from the US State Department for nearly $10 million. The New York City-based investment firm specializes in purchasing assets from US government agencies, and it is in negotiations with the State Department to purchase another former consulate in Brazil, according to company president Lee Elman.

The office building at Rua Padre Joao Manoel, 933, is in the sought-after Jardim Paulista district, a prestigious address that Elman likens to New York City’s Madison Avenue. Elman has nearly completed negotiations with two tenants, a Brazilian law firm and a telecommunications company. The US Consulate in Sao Paulo has relocated to a new facility.

This is the company’s first purchase of a building from the US government outside of the US. In addition to a second former consulate in Brazil, Elman says that he is also negotiating with the Department of Defense for two sizable facilities in Italy. “This is the start of a pattern,” Elman tells GlobeSt.com. “We are going to be buying more assets abroad owned by the State Department, Department of Defense and Department of Transportation.

As it looks abroad, Elman will also continue to buy government assets in the US. Last week, the company closed on two buildings in Anchorage, Alaska, for $15 million. Thought the owner was private, the tenants of the buildings were the FBI and the Drug Enforcement Agency. Elman already owns a building in Anchorage used by the Fish and Wildlife Service.

In total, Elman Investors’ portfolio encompasses 3.7 million sf with a total value at cost of $435 million. Through its government acquisition program, the company has bought 43 building in 19 states, plus Brazil.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.