AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, has announced that, on behalf of one of its clients, it will undertake an extensive redevelopment of over half of the 60,000 m² PRADO office complex in Madrid, which was acquired in 2005, as part of its development strategy. ACCIONA, one of Spain’s largest construction companies, has been commissioned to act as construction manager on this project.
The landmark seven-storey asset, one of the largest office developments in central Madrid, consists of three buildings, North, West and South, 45% of which is currently let out, comprising the entire North building. The remaining 55% of the site, covering the South and West buildings, will be extensively redeveloped to deliver 35,000 m² of Grade A office space, plus a further 6,000 m² of underground parking and storage facilities. The project aims to capitalise on the lack of modern office space in central Madrid, together with an extremely limited pipeline, and targets an Excellent BREEAM rating for its sustainable design.
PRADO’s West building, comprising 21,000 m², will undergo a comprehensive redevelopment. Its attractive and protected industrial façade will be maintained while the interior will be significantly restructured in its entirety, maximizing both natural light and floor plate efficiency. The South building will be rebuilt into a brand new office development amassing 14,000 m², benefitting from the same high quality interiors, finishes and facilities as the adjacent West building. Both buildings have been designed to operate either independently or combined as a unique office complex, with works due to start in Q3 2015 with completion estimated in Q2 2017.
Located in the southern area of Madrid’s Central Business District, PRADO benefits from excellent accessibility with a subway and suburban train station, as well as the main AVE station, just 500 m from the property, in addition to numerous local bus routes. The nearby M30 motorway provides direct access to all other districts of the city and PRADO’s generous underground parking provision will further appeal to its tenants.
AXA Real Estate has a strong track record in development across Europe, with a total of €9.9 bln projects currently under management in eight European countries. Through the redevelopment of flagship assets across the continent’s leading cities, AXA Real Estate has been able to attract world class tenants to landmark properties creating value for its clients.
Source: AXA Real Estate
