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YPF hangs the sale sign on the Pelli tower in Puerto Madero

YPF put its headquarters up for sale
YPF put its headquarters up for sale

The private oil company with majority state ownership YPF put its emblematic tower located in Puerto Madero up for sale. The oil company decided to get rid of the building that was inaugurated in 2008 and which was designed by the famous architect from Tucumán, now deceased. César Pelli in times when the company was privatized and in the hands of the Spanish Repsol.

With this operation, YPF seeks to raise, according to real estate market prices, about $ 400 million which would show the jump in the value of the building taking into account that its construction cost 135 million dollars.

“The possibility of executing the operation has been launched as soon as an offer with the expected value is reached. Strictly speaking, the decision is part of the strategy of the oil company to concentrate its resources on the core of the business, this is energy production (and financing part of the work plan with resources), but it also aims to increase the austerity policy and efficient management that the firm that leads Sergio Affronti it seems to have adopted at this stage ”, indicate sources linked to the decision to put up for sale the emblematic building located in Puerto Madero.

View of the building illuminated with the Argentine flag
View of the building illuminated with the Argentine flag

“The decision is thus added to other corporate actions that go in the same direction that can be recognized as part of the transformation that has driven the covid-19 pandemic based on the possibilities that remote work has generated and the cost of maintaining large structures”They added.

“It was defined to dispose of some assets with the aim of becoming more agile and modern. And reallocate those resources to core of the business ”, pointed out sources close to the company.

The intention of Affronti, who took over as CEO of the company in April of last year amid the pandemic, the drop in local production and the drop in the consumption of hydrocarbons globally that brought oil to its lowest historical price , is to advance in a strong investment plan during this 2021 with an eye toward becoming exporters of crude oil and gas. In this sense, it has just opened a headquarters in Chile and requested permission to export gas to the trans-Andean country.

View from Plaza de Mayo of the building designed by the Tucuman architect César Pelli
View from Plaza de Mayo of the building designed by the Tucuman architect César Pelli

Regarding the latter, YPF -which has just announced a new increase in fuels- is strongly betting on Plan Gas 4 where in the first tender it placed the largest volume of gas to supply demand. In addition, it is one of the main operators of Vaca Muerta. Last December the formation added 477 stages of fractures of which 203 correspond to the oil company with a majority state shareholding.

The Pelli Tower is the third headquarters occupied by the company. In the first stage, the state company was located in what is now known as the Ministry of Agriculture of the Nation, at Paseo Colón 922. In 1938 it moved to a building specially built for the company located at Avenida Presidente Roque Sáenz Peña 77.

The offices of the oil company worked in the architectural mass located in Diagonal Norte until 2008 when it moved to Puerto Madero, so the building was left empty. In 2010 the building was declared a National Historic Monument and today it is rented to the multinational Accenture

In November of last year, and starting this plan that today puts the sale sign on the Puerto Madero tower, the oil company sold the so-called Torre Blanca in Tucumán 744 to the company also with a majority of the State Aysa in an operation for 30 million dollars, and he got rid of five apartments that he rented in Neuquén and that was where the base of operations for the south of YPF historically operated.

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