The building extends to 3,910m² (42,082ft²) constructed in 1971 over semi-basement, ground and three upper floors.
The asset is highly prominent being located at the intersection of one of Madrid’s most prestigious business axis, Paseo de la Castellana and Paseo de Recoletos considered the equivalent of Trafalgar Square in London or Place de l Etoile in Paris.
José Antonio Martín-Borregón Managing Director Spain & Portugal, CBRE Global Investors commented: “This represents an exciting opportunity to use our local expertise to enhance the building to provide attractive mixed-use accommodation appropriate for modern business in this location. We are confident due to the highly visible position that the building will be of strong appeal to occupiers with a globally recognizable brand. ”
John Mulqueen, Head of Transactions EMEA, CBRE Global Investors added: “This represents our third acquisition in Spain over the past 12 months bringing the total invested to over €200M. We have ambitious plans for this asset and significant dry powder for retail, office and logistics on behalf of our clients during 2017 across EMEA.”