Elcano Building | Photo Collected from Eje Prime
This was where group ING had its Madrid headquarters for the past 20 years. After they left, Barings decided to refurbish the building so that it can place it back on the rental market, a process which will be advised by consultant Cushman& Wakefield.
The 12.500 sqm asset is called the Elcano building and it is located at number 2 Calle José Echegaray and hosts 325 parking spots. According to newspaper El Economista, the refurbishment designed by architect Enrique Álvarez-Sala should start this year and will comply with sustainability criteria to receive the Breeam seal and the WELL Core certification. The asset’s conversion will also include its 14.000 sqm outdoor areas which will feature a sports area and a garden. This operation should be concluded in the second quarter of 2021.
On this process, Adolfo Favieres, general manager at Barings Spain, commented that «what attracted us the most about this investment opportunity was the possibility of acquiring a unique asset, with an architecture which maintains its edge thirty after its inauguration and provides it with the most advanced equipment, to make this building a reference in terms of sustainability and operation efficiency».