The Centre was designed by the American based architectural firm Skidmore, Owings and Merrill, and although occupation began in 1971, it wasn’t until 1974 that most of the construction was finally completed, at a cost of over R88 million.
Owing to rapidly changing demographics associated with urban decay, property values in the Johannesburg CBD, slumped dramatically in the 1990’s. This enabled public transport parastatal Transnet, to purchase the building for just R32 million.
In June 2007, Transnet group chief executive Maria Ramos revealed that as part of Transnet's restructuring program, which includes the disposal of non-core assets, they intend putting it back on the market. However, with its replacement cost having been estimated at R1.5 billion, along with the area experiencing urban revival, Transnet are expected to make a tidy profit.
Matter of Fact:
As you will see from the list below supplied by Wikipedia, South Africa is home to the first 6 of the top 10, tallest Buildings on the African Continent.
- Carlton Centre: Johannesburg, South Africa
- Ponte City Apartments: Johannesburg, South Africa
- Marble Towers: Johannesburg, South Africa
- Metlife Centre: Cape Town, South Africa
- South African Reserve Bank Building: Pretoria, South Africa
- 88 on Field: Durban, South Africa
- Ministry of Foreign Affairs Building: Cairo, Egypt
- El Gezira Tower Movenpick Hotel: Cairo, Egypt
- Grand Hyatt Cairo: Cairo, Egypt
- Nile City South Tower: Cairo, Egypt
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