Ecopetrol’s Search for New Headquarters in Bogotá
Ecopetrol, Colombia’s state-owned oil company, is on a mission to find new office space in Bogotá amidst a complex and confidential real estate operation. The reason behind this decision is the urgent need to replace its current facilities deemed inadequate and in disrepair, all while maintaining momentum in its urban renewal initiatives in the heart of the capital.
As reported by *Time*, the company has engaged a consortium of advisors to conduct this process, implementing strict confidentiality measures to maintain the financial sensitivity of the operation, especially given that the company is currently navigating internal challenges.
Follow us on our WhatsApp Channel and on Facebook
The origins of this significant operation trace back to the Partial Urban Renewal Plan for the Ecopetrol CEE business center, initiated by the Bogotá Planning Secretariat in February 2019. However, the plan has yet to receive the necessary approvals. This endeavor focuses on a specific zone, encompassing areas between Seventh and Thirteenth streets as well as 36th Street and Avenida Calle 39, with a few exceptions.
According to the plan’s stipulations, the objective is to promote a suitable urban structure that aligns with the demands of the sector and the evolving dynamics of local entities and new developments.
While this formal process is under way, a real estate consortium has been tasked with identifying potential office spaces for either purchase or rental in the northern and eastern parts of the city, in light of the inadequacy of the current locations.
According to company sources who spoke to *Time*, part of the team overseeing this search considered involving Ricardo Roa , president of Ecopetrol, on some visits to prospective sites, including one that featured a helipad. However, he ultimately did not attend these visits.
The contract for advisory services has been awarded to the VPM Consortium, which includes developers Mangle SAS, Vinsa Inversiones SAS, Sum Promotora Real Estate, and Pro 2 SAS, with a funding amount of 724 million pesos for a duration of five months. Despite the recent expiration of this agreement, the consortium continues to explore operational options.
“The first week of July saw the receipt of non-binding letters of intent from several projects aimed at conducting a market study,” disclosed a source.
Among potential candidates for the new headquarters are the 7/100 development , situated at the intersection of 100th Street and Seventh Carrera, as well as the Atrio Project , located at the junction of Caracas and Calle 26. Both developments are under the management of the Real Estate Strategy Heritage (PEI).
*Other areas of interest * include buildings located on 90th Street with Carrera 15 and 85th Street. The business closure may involve a mixed payment formula, as *Time* reported that Ecopetrol is considering using the Coloracas building , currently vacant after failing seismic tests, as part of the payment for the new spaces in a real estate barter model.
“To obtain more square footage of office space, Ecopetrol needs,” expressed a manager linked to the negotiations. Conversations concerning the building on 100th Street have garnered significant attention due to previous connections between Ecopetrol executives and the involved properties.
Addressing potential conflicts of interest, the company indicated that the Vice Presidency of Supply and Services is overseeing the management process, ensuring that its subsidiary, Hocol, does not have a role in this particular negotiation.
Many consulted developers opted for silence, including Aldea SAS Projects, the administrator for the 7/100 building, who declined to comment.
In light of their current situation, *supersociedades* indicated that “Within the framework of the insolvency process, the procedure is in the stage of objections. The actual value of inventories is being established.”
On another note, PEI Asset Management clarified that it “cannot disclose information related to portfolio asset transactions until they are finalized. Updates will be communicated publicly through the appropriate channels once the information becomes available.”
As for the VPM Consortium, its legal representative, Luis Fernando Castañeda , has not responded to multiple inquiries regarding the developments. Meanwhile, the real estate industry awaits one of the most significant corporate movements in Bogotá, characterized by a climate of caution and confidentiality surrounding a valuable contract that could reshape the urban landscape of the capital.