The building, located at number 24 of Ríos Rosas street in Madrid, has a privileged location, just 700 meters from the Paseo de la Castellana and next to the building that WPP, the British advertising and public relations multinational, acquired in 2015. Additionally, the surface above ground of the property represents around 3,500 m2, distributed in 7 floors of offices, ground floor and 3 underground levels for parking. It is currently occupied in its totality by Canal of Isabel II.
Arcano acquired the building just two years ago from a private owner through its real estate fund ASOREF, with the purpose of converting it into an exclusive office building for corporate headquarters. In this way, during 2017 it carried out the full renewal of the property, obtaining the LEED Platinum Certification, becoming one of the few buildings in Spain that have this level of certification.
Eduardo Fernández-Cuesta, partner of Arcano Partners Real Estate has said that "Ríos Rosas is the second divestment of the first real estate fund of Arcano, ASOREF. In both transactions we got returns well above the numbers initially predicted and we are very satisfied with the performance of the acquisitions".
"At a time when the supply of office space in the center of Madrid is low, the operation is a sign of the great investor’s appetite, both national and foreign, for this typology of spacious and quality spaces in prime areas. At this point, the renewal has a very important role in the revitalization of the Madrid office market," explained Mikel Marco-Gardoqui, director Capital Markets of CBRE Spain.