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Popular sells Caparra Center building to Triple-S for undisclosed amount

Popular Inc. has sold a 180,000-square-foot building, known as Caparra Center, to Triple-S Management Corporation through a private deal that keeps the price tag under seal.

“We’re viewing this transaction as a private one. However, the acquisition of this 180,000-square-foot building will allow us to have the additional space to respond to our growth in the number of employees in recent years,” Triple-S CEO Roberto García said.

“Furthermore, it allows us to centralize most of the Triple-S operations between both buildings, which are located contiguously, and we will have more space for our Employee Training and Development Center,” he said.

The bank had acquired the building in 2015, when it picked up the assets of the defunct Doral Bank in a transaction assisted by the Federal Deposit Insurance Corp.

The property currently houses a Banco Popular branch, Popular Auto offices, and the TeleBanco Popular customer service center, among other units.

As part of the transaction, Popular will lease these spaces for a minimum term of five years and, in the case of the branch, 10 years, bank officials said.

“We’re pleased with this transaction, which is an important piece of a long-term plan to make the most of our property portfolio,” said Popular Inc. President Ignacio Álvarez.

“The goal is to centralize a large part of our operations at our headquarters in Hato Rey to leverage our presence in the area and continue to provide quality spaces to employees, customers and the community,” he said.

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This story was written by our staff based on a press release.

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