The 18-storey salmon coloured granite building has 28000m² of office space, 630m² of retail area and 563 basement parking bays. Louis Karol designed it and it was completed in 1992. Current tenants include local government and provincial tenants, a national retailer, a big four bank and an embassy.
Braamfontein has been given a new lease of life, due in large to the district's regeneration initiative, headed by the Johannesburg Development Agency and property owners. Through the establishment of the Braamfontein Management District, this precinct has been transformed into an appealing and safe corporate district, educational centre and entertainment and arts hub.
"There is a lot to be said for purchasing existing buildings in the current economic climate. The main driver for owner-occupiers and investors is expense. In some instances, existing buildings of good quality and functionality can trade as little as one third the cost of a new build," says Andrew Bradford, head of capital markets at Jones Lang LaSalle South Africa. "If you add the predictable timelines and avoidance of hassle, existing buildings trump new developments. We have achieved a number of successes in this space recently with demand for these types of properties far outstripping supply."
Jones Lang LaSalle is an international property services firm, specialising in real estate services and investment management. In April 2011, it acquired South African property company Bradford McCormack & Associates, giving the firm its first dedicated office in South Africa. For more information, go to www.joneslanglasalle.co.za.
