Real estate: US firm to invest $20m in office building

28-storey Centrepoint to provide top quality workspace for multinationals.

WASHINGTON: A US finance institution, Overseas Private Investment Corporation (OPIC), announced on Monday to extend a $20 million loan towards the completion of a 28-story office building in Karachi.

Finance Minister Abdul Hafeez Shaikh, who presided over the signing ceremony of the arrangement, hailed the transaction, saying it represents the tremendous opportunities existing between the two countries for stronger economic cooperation.

“I hope this is the beginning of a long-term association,” Dr Shaikh said. The presence of the modern building will help the country attract multinational investors by meeting an urgent need for top-quality office space.

The property will feature several green building characteristics, including a natural-gas fired cogeneration power plant which will increase its energy efficiency and mitigate negative environmental impacts.

Project sponsor TPL Properties expects to complete construction of the Centrepoint office building in central Karachi in 2012 and will then begin leasing space to large local and multinational organisations.

“This is a sign of close cooperation between Pakistan and the United States- the private sectors of the two countries have huge potential to further expand bilateral relationship,” Ali Jameel, Chief Executive Officer of TPL Holdings, said.

In the process, the project will provide new management and professional employment opportunities with benefits, including those specific to female employees. The building will be fully automated, with world-class IT and security systems.

In addition to the cogeneration plant, the office space will feature an exhaust heat recovery system, air dehumidification using heating pipes, condensation collection for water usage, efficient lighting fixtures, and clean eco-friendly refrigerants used for air conditioning.

Published in The Express Tribune, September 28^th,  2011.