San Juan, P.R.	- Christiansen & Portela one of Puerto Rico’s premier commercial and industrial real estate firms, announced completion of the sale of The Corporate Center at Roosevelt, now the DORAL BANK PLAZA,  a modern eight story condominium office building located in Roosevelt Avenue Marginal Street in San Juan, Puerto Rico.  The Corporate Center at Roosevelt, built by CLEMA Investments, LLP, S.E., and whose construction was finished on September of 2003, will now be home to a variety of businesses including – DORAL BANK, professional offices and a fitness center.   

This modern commercial office building, which boasts 111,000 square feet of space, is 100% ADA (Americans with Disabilities Act) compliant and exhibits many modern energy saving features that offer its owners cost effectiveness and efficiency on par with similar state-of-the-art office buildings across the nation.  

With its strategic location off the De Diego Expressway on F.D. Roosevelt Avenue Marginal Street, and with its proximity to State Road PR-2, Kennedy Avenue, and Martínez Nadal Expressway, The Corporate Center at Roosevelt provides a central location within the San Juan Metropolitan area with availability of supporting facilities and services such as public transportation, shopping centers and restaurants.  The multi-story parking garage with capacity for more than 450 spaces was also one of the features  which made this investment opportunity a very attractive one.

Motivated by the success of this project, Christiansen & Portela is now working with three other development entities to market their condominium office projects in Miramar and Hato Rey.  While all three projects are in the preliminary design and permit process, Christiansen & Portela expects to start marketing them during the early part of 2005.  A fourth project consisting of the conversion of an existing office building into a condominium office project in Hato Rey’s Golden Mile is also under evaluation.

Real estate specialists Gerald J. Christiansen and Rafael Portela founded Christiansen & Portela in 1997.  Pooling their vast experiences and knowledge in this endeavor, they have made Christiansen & Portela one of the leading names in commercial and industrial real estate in the Puerto Rico market.  With more than $56.6 million in sales in the first nine months of this fiscal year alone, Christiansen & Portela is surpassing all sales projections for 2004.

Christiansen & Portela offers a full range of commercial and industrial real estate services in the Puerto Rico market. Christiansen & Portela has proved to be a successful real estate firm by creating unique opportunities, and offering their corporate and institutional clients a full service real estate solution in: property dispositions, tenant representations, leasing, relocations, property acquisitions, buyer representations and site searches. In addition, Christiansen & Portela offers advisory services and an outstanding variety of opportunities for their clients.  

The firm was responsible for the sale of the JC Penney’s 200,000 square feet warehouse  and the leasing of more than 500,000 square feet of space at the Capitol Office Building in Miramar, Intel manufacturing facilities in Las Piedras, Hato Rey Tower Building (now Westernbank World Plaza), AIG Building, Citibank Towers, IBM Tower, Galería Paseo Portuario in Old San Juan, Las Vistas Village in Cupey, and other buildings in San Juan.  Additionally, the firm has sold more than 1,000 acres of land in the municipalities of Bayamón, Las Piedras, Coamo, Santa Isabel, and Ponce within the last three years.

Presently Christiansen & Portela is actively marketing GAM’s 60,000 square feet office building in San Patricio, ARCAM’s (formerly Allergan) 90,000 square feet manufacturing plant in Hormigueros, Filtertek’s 90,000 square feet building in Patillas, D.D. Williamson’s 70,000 square feet warehouse and manufacturing facilities in Gurabo, Reedco-Dentco’s 200,000 square feet plant in Humacao, a 70,000 warehouse building formerly occupied by IPR Pharmaceutical near the airport, a 42,000 square feet flex space facility in Amelia Industrial Park, the soon to be completed 60,000 square feet El Escorial Office Building and the 100,000 DASE Office Building in Guaynabo which is scheduled to start construction shortly, in addition to a host of other projects which lead the partners of the firm to conclude that fiscal year 2004/2005 will be another banner year for Christiansen & Portela.                      
