Former CONCACAF, Admiral headquarters for sale

The now-empty CONCACAF office on the second and third floors of the George Town Financial Centre pictured in January 2016.

The downtown George Town office building that once housed former CONCACAF President Jeffrey Webb’s office and his friend Canover Watson’s financial services company is being sold.

The current asking price for the George Town Financial Centre, formerly known as the Admiral Financial Centre, is US$8.95 million.

The five-story building at the corner of Fort and Mary streets is advertised as being “totally renovated after [2004’s] Hurricane Ivan to the highest storm-resilient standards, with new impact-rated glazing system and a full back-up generator.

“Interiors are well-fitted and well-sized floor plates (about 5,000 square feet per floor) and building location attracts a wide range of high quality tenants,” the IRG company listing on the building states. “… A safe investment offering a strong potential return on investment and long-term appreciation.”

The building’s current anchor tenant, Maitland, took over the operation of Admiral Administration, Watson’s company, and eventually renamed the firm.

Watson resigned from Admiral after his arrest in 2014 in a fraud and corruption-related probe. The investigation led to his conviction this year on five charges related to conspiracy to defraud the government and violations of the local Anti-Corruption Law. He is serving a seven-year sentence.

The George Town Financial Centre in downtown George Town is up for sale. - Photo: Brent Fuller
The George Town Financial Centre in downtown George Town is up for sale. – Photo: Brent Fuller

Watson has said he intends to appeal the sentence. Maitland has a lease on the office building’s top floor and was expected to remain for now, according to IRG’s Jeremy Hurst.

CONCACAF, the regional governing body for world football’s association, FIFA, had leased the second and third floors of the financial center building until the agency quietly closed early this year.

Operations at the office had been slowly scaled back since the May 2015 arrest of then-CONCACAF president Webb in connection with the FIFA racketeering and bribery investigation in the U.S. It is believed that CONCACAF has a lease agreement at the building through December 2017.

CONCACAF representatives in Miami confirmed in February that the former president’s office had been closed, but said a “small presence” would be maintained in Cayman, but not in the financial center building.

Webb faces sentencing in the FIFA investigation in November.

In May, Canadian Victor Montagliani was elected president of CONCACAF, replacing Webb and his successor, Honduran Alfredo Hawit, both of whom were indicted in the FIFA investigation.

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