At MIPIM 2007, it was awarded 'Best Office Building', now landmark Madrid property Pórtico, designed by SOM Skidmore, Owings & Merrill LLP, is almost fully let again.
Following the eviction of the previous tenant, Viajes Marsans, despite some initial letting success almost 50% of the 21,000 m² of office space was still vacant at the beginning of the year. Except for a small amount of remaining space, Union Investment was able to let the vacant offices during the course of the year, thereby boosting the occupancy rate of the building to 93%.
The new tenants include PepsiCo., Dexia Sabadell, Beam Global, Mary Kay and Endesa. Leases covering a total area of 9,500 m² were signed with these tenants. Union Investment was advised by Cushman & Wakefield on all the deals.
The seven-story class-A building, developed by Hines, is located in Campo de las Naciones, northeast of Madrid's city center, close to Barajas airport, and has been part of the portfolio of open-ended real estate fund UniImmo: Germany since the end of 2008.
Source: Union Investment Real Estate GmbH
