A shift of office space from Buenos Aires’ microcenter to its northern zone has solidified into a structural decision for the corporate market, driven by improved access, larger spaces, and more competitive costs. This move is reshaping the city’s commercial real estate landscape.
IRSA, led by Eduardo Elsztain, and Mercado Libre have announced a new agreement to develop an office building within the Polo Dot, located in the Saavedra neighborhood, a rapidly growing area where both companies already have a presence. Mercado Libre has maintained innovative offices there since 2019, and IRSA operates Workplace, a coworking space in the former Philips building.
The project, announced on March 26, 2026, will require an investment exceeding USD $50 million and will add 15,000 square meters of space, with 12,000 square meters earmarked for the company founded by Marcos Galperin. The new building will be an extension of the Zetta complex, integrating into a mixed-use ecosystem combining premium offices, commerce, services, and educational opportunities.
Construction began in early March and is expected to grab 30 months. This forms part of the expansion plan for the country’s leading shopping mall owner within the Polo DOT, aiming to further expand its corporate offerings around DOT Baires Shopping and establish a hub that extends beyond traditional business hours.
Located at the intersection of General Paz Avenue and the Pan-American Highway, Saavedra has transitioned from a peripheral area to a strategic connection point between the city and Greater Buenos Aires. This location offers access advantages that the microcenter can no longer provide.
Still, specialists note that the DOT-commanded territory isn’t simply benefiting from spillover effects from neighboring areas. The growth experienced in this part of Saavedra in recent years has also been spurred by a scarcity of land and rising property values.
The expansion also responds to a concrete need: the growth of Mercado Libre in Argentina, even as employees currently maintain between 20-40% in-office presence.
“From the pandemic to the present, we have tripled the number of employees in the city of Buenos Aires, maintaining a lower-than-average presence policy in the market. We want to consolidate a function environment that fosters innovation, well-being and culture, and for that we believe it is key to have spaces that enhance the meeting between teams,” said Juan Martín de la Serna, President of Mercado Libre Argentina.
The announcement is also part of the firm’s USD $3.4 billion investment plan for this year in the country.
Grupo IRSA also highlighted the value of the development as a new urban milestone for the city. “This project represents a further step in the evolution of the Polo DOT as an urban ecosystem of mixed uses, designed to generate a dynamic community where people can live, work, manage their daily lives with a complete offer of shopping, services and entertainment, and enjoy free time with friends,” affirmed Jorge Cruces, CIO of Grupo IRSA.
The company stated in a release that this new development “consolidates the strategic presence of Mercado Libre in the city of Buenos Aires and strengthens its long-term commitment to the country.”
