Cushman & Wakefield Healey & Baker structures transaction: Layetana pre-sells prime office buildin

Global real estate consultant Cushman & Wakefield Healey & Baker (C&W/H&B), who operates the EMEA division of Cushman & Wakefield, announced today the sale of Diagonal 197, a future prime office building in Barcelona, on behalf of Catalan developer Layetana. The property was forward purchased by Credit Suisse Asset Management for €60 million.

The 18-floor building will comprise 18,600 m² of prime office space and 169 parking spaces. Construction will start shortly as the scheme is due to open in the first half of 2007. The Diagonal 197 building is part of a large mixed-use project, developed by Layetana in the heart of Barcelona, in Avenida Diagonal next to the Plaza de les Glòries. This project includes Torre Agbar (see attached photograph), a 4-star hotel operated by Spanish-based hotel group Silken, two office buildings and a residential complex.

According to Cushman & Wakefield Healey & Baker, this operation represents the consolidation of this zone as the main “entrance corridor” to the 22@ district. Located on the Eastern side of Barcelona, the 22@ is one of the fastest growing new office locations in the city. Recently created and increasingly well positioned in the office market of the Catalan capital, this area is the natural extension of the city’s traditional Central Business District. Companies such as Liberty Insurance, Rodamco, American Express, Retevisión and Indra have relocated to 22@ demonstrating that this area offers a new and strong alternative, in terms of corporate headquarters and offices, providing high quality office space.

Source: Cushman & Wakefield Healey & Baker

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