Cayman ‘White House’ is sold

Ansbacher House, the 40,000 sq ft Georgian architectural style building designed by Trevor Baxter in 1991 to resemble the White House, has been sold.

The building, ideally located in the core of George Town’s financial district at 20 Genesis Close, will be renamed dms House and become the head office of dms Organisation Ltd. and its financial services business units.

The building will initially undergo a minor facelift and continue to function as Class A office space leased exclusively by premier tenants such as the CI Legal Department, Ogier Fiduciary Services and Banco Bradesco S.A.

It sits on one acre of prime commercial land that allows for future expansion and plans to expand the building have already been approved.

Don Seymour, president of dms Organisation, said: ‘This acquisition is an excellent investment of high strategic value that provides a stable platform for the continual growth of our business and our people. The building is richly designed with a truly interesting portico and we are proud to add this outstanding building to our portfolio of marquee properties.’

Irene Scott-Thornton, manager of dms Properties Ltd., added, ‘Our proposed enhancements for dms House will add to the beauty of Mr. Baxter’s original design while continuing to meet the needs of our tenants. Our entire Properties team is very pleased with this acquisition and honoured to add this prominent building to our growing portfolio of properties.’

Another commercial development under way by dms is the redevelopment of the former AirTech building at 38 Godfrey Nixon Way, scheduled for completion in early June. dms is also planning another commercial Class A office project to be announced later this year.

Mr. Seymour added: ‘We remain positive about the dynamics of the local commercial real estate market and will continue to invest into the sector. We anticipate continued strong growth in the demand for office space in Grand Cayman considering its vibrant offshore economy, low vacancy rates and limited amount of new office development.’