Prudential Real Estate hired CBRE Argentina to manage the sale of a 40,000 sqm property located in Puerto Madero, Buenos Aires. The main challenge of this project was the limited time CBRE had to complete the sales process. To achieve this, a strategy was implemented to contact as many prospective buyers as possible in the shortest amount of time. However, the unusual size of the transaction for the Argentine market, in addition to the restrictions on foreign exchange and the difficulty of transferring money out of the country once the sale was finished.
CBRE decided to issue a tender, to accomplish this a database of investors and contacts was consulted to find an appropriate buyer. To facilitate the transaction, it was agreed that payment would be made outside of Argentina. Six offers were received, each of which went through a negotiation process until one particular offer met Prudential's needs. The project was a great success: the final price was above the client's expected price and the transaction was completed within the established time frame.