Botafogo Trade Center was Paladin’s first commercial retrofit in Latin America, and an ideal example of achieving outsized returns without taking full development risk. The building was purchased from a failed partnership in 2008, and through various architectural modifications, was transformed from a medical facility into a class “A-“ office building in one of Rio de Janeiro’s most supply constrained submarkets. The building was leased at more than 2x the underwriting rents and sold to a local real estate fund in 2012.