LaSalle has acquired the property General Lacy 23 in Madrid, a multi-award winning 19th-century office building. This was acquired on behalf of a separate mandate with a German pension fund. The purchase price was not disclosed.
The General Lacy 23 building is located in the heart of Madrid's Mendez Alvaro district, south of the central business district of the Spanish capital, is a multi-award winning 19th-century office building. Originally a tobacco factory and converted into an office building two decades ago, the property is currently being modernized as a ‘green building’. The sole tenant from April 2019 is the Spanish oil company Repsol, who will occupy the space with one of their subsidiaries as the headquarters is located just 850m away on Calle de Mendez Alvaro.
The Mendez Alvaro neighbourhood, between Atocha and the M-30, is experiencing a strong dynamism as the headquarters of companies. Besides Repsol other corporates such as Amazon, Adif, Mahou, CLH or Ericsson have also decided for this submarket where further major projects are going to take place.
Uwe Rempis, Head of Fund Management Germany at LaSalle Investment Management, commented: "Thanks to the high quality of the building, with its flexible use for both single and multiple tenants, combined with its A-location on a European real estate hotspot, the object fits perfectly into the fund strategy. We are very happy that we have succeeded in adding this exceptional building to our portfolio."