2 floors of Castellana 91 sold for €22M

2 floors of Castellana 91 sold for €22M

A private investor acquired both floors, which have a total combined area of 3.000 sqm and include 53 parking spots, for around 22 million euro. This was a recently concluded operation advised by consultant Colliers Internacional.

For Mauricio Guerrero, director of capital markets at the consultant, «available office areas above one thousand sqm in Madrid remain in high demand, especially when located in exclusively office buildings».

The asset is part of the Madrid commercial area called Azca (Asociación Mixta de Compensación de la Manzana A de la Zona Comercial de la Avenida del Generalísimo) which for Martín Galbete, Offices National Director at Colliers International, is «one of the most consolidated office areas within Madrid’s CBD. Its current occupancy rate is around 95%, which shows its enormous attractiveness and positions it as the most in-demand area within Madrid’s Central Business District, both in terms of investment and in terms of contracting, with rent levels which have been continuously increasing over the last six years», he explained in a release.

Martín Galbete further revealed that «it is expected that the improvements planned within the Renazca project, according to which large property owners agree to revitalise the surrounding areas and make them more attractive for the final users, will boost even more this area’s consolidation once most buildings have been rehabilitated».

This is one more investment in Madrid during the third quarter after the volume registered between April and June has been the worst so far this year – around 422 million euro. The activity has been recovering during the Summer with 18 deals in the Spanish capital alone. 5 of these concern office operations.

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