Politics Economy Local 2026-03-01T04:40:17+00:00

Argentina's Ministry Rents Offices for $720 Million

Argentina's Deregulation Ministry has signed a contract to rent an office building in downtown Buenos Aires for 720 million pesos. The process has raised questions as the property search was pro forma and the sole bidder was linked to a Spanish developer.


Argentina's Ministry Rents Offices for $720 Million

The Ministry of Deregulation and State Transformation of Argentina has advanced with the contracting of office rentals on Avenida Presidente Roque Sáenz Peña 788 (Diagonal Norte) for $720 million pesos for 12 months. The rental covers the 3rd, 4th, 5th, and 6th floors, as well as 24 parking spaces in the same building. According to information obtained by the Argentine News Agency, a point that adds internal noise is that while the file included a formal request to the Agency for the Administration of State Assets (AABE) to verify if any state-owned property was available, a note from the Purchasing Department itself already listed as a 'result' the same building on Roque Sáenz Peña 788, with the detailed floors and parking spaces. This dual track appears in black and white: the technical specification required the property to be within a 500-meter radius of the ministry's headquarters—located precisely at Roque Sáenz Peña 788—with floors of between 800 and 1,000 m² each and 24 parking spaces. In parallel, the process was handled as a Direct Contracting by Simple Adjudication for property rental (process 507-0008-CDI25), and according to the COMPR.AR system record, only one supplier was invited: OTOBA S.A. The sequence concluded with a single confirmed offer for the same total amount as the file: $720,000,000. The monthly rent was backed by the National Appraisal Tribunal, which set $15 million per floor (with parking spaces) for a total of $60 million monthly. In the rental contract, it is also established that the monthly price per floor 'will not be subject to an update.' In the COMPR.AR contractual document view, there is also a 20% operational margin for possible increases or decreases in the amount. In the administrative 'kitchen,' the file records that part of the documentation submitted by OTOBA had an issue date of 08/28/2025 and 'did not comply' with the requirements, so the body urged the bidder to submit complementary documentation via COMPR.AR, and then noted that it was rectified within the deadline. After the contract was signed, the General Directorate of Administration notified the AABE of the subscription and again emphasized that the amount of $720 million 'is not subject to an update.' In public records linked to OTOBA, the surname Beca Borrego appears: an official bulletin notice recorded the cessation of a board of directors that included, among others, Rafael Beca Borrego and the appointment of Enrique Beca Borrego as president (with Fernando Gabriel Schilman remaining on the board). In Spain, the surname is associated with Grupo Bekinsa, a promoter group based in Seville: its institutional website states that the group was born from 'Beca Inmobiliaria S.A.' (founded in 1973) and claims a history of over 27,000 homes delivered.