GreenOak Real Estate has completed the acquisition of Claudio Coello 123, a c. 4,000m² office building in Madrid, Spain for an undisclosed amount. Located in highly sought-after CBD area, the building comprises a ground floor plus six further floors as well as two floors below ground for parking. The building faces Alfredo Mahou Plaza, one of the most exclusive squares in Madrid which is currently the site of several high-value residential developments. GreenOak intends to undertake a comprehensive refurbishment of the entire building to create unique Grade A office complex that will appeal to a range of occupiers.
John Carrafiell, Europe-based co-founder of GreenOak, commented: “Madrid continues to represent an exceptional office investment opportunity. It is in the midst of strong economic growth, yet rents are still well below past peaks. Like many of the world’s other gateway, capital cities, demand is fuelled by the growth of corporate, tech, media and creative tenants driving the take-up of space. Since 2013, GreenOak has acquired 150,000m² of office space in Spain, totalling 20 separate buildings (17 in Madrid and 3 in Barcelona). Robust tenant demand has accelerated GreenOak’s leasing, with 25,000m² of office space let in the past 24 months alone.”