GUAM
INTERNATIONAL TRADE CENTER
This 211,000 square-foot building is ideally located on the apex of mainstream north and south bound traffic on Marine Corps Drive in Tamuning, Guam. Inspired by Japanese architecture, local architect William McAlister designed this landmark office building to promote a sense of balance, simplicity and longevity. Now over, 30 years later, the well known ITC building accommodates a wide variety of tenants that include the Bank of Guam, Guam Economic Development and Commerce Association (GEDCA), the Consulate General Offices of Japan, Philippines, Federated States of Micronesia and Palau, House of Brutus, Gucci, Bottega Veneta and many more.
One of the most important office buildings in Guam is the International Trade Center building a 211,000 SF Earthquake and hurricane proof office building. Quality office properties are in very short supply in Guam. The Asset was refurbished, tenanted and sold to an institutional fund.
History
The World Trade Center Property was 60% occupied, under managed and on a short-term ground lease with Government of Guam as the landlord. Asset was only purchased at a deep discount in 2006. The building required a complete overhaul at a cost in excess of $18 MM. Over a 10-year period the work was completed and occupancy increased to 90%. Ground lease was renewed. Tenant roster now includes many foreign consulate offices, Gov Guam agencies and international corporations. All on long term leases. The asset was sold to a sovereign wealth fund at an excellent overall return.
Rates
LOCATION: Guam
COST: $30 Million
SIZE: 210,000 SF
START: 2006
COMPLETION: 2016
PARTNER/ADVISORY: South North Guam
Gallery
