Grosvenor Europe acquires office building Titán 8 in Madrid

Grosvenor Europe acquires office building Titán 8 in Madrid

The building has 10,634 sqm distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar. The office tower was completed in 2008 and is certified LEED Gold.

The asset is located at 8 Calle Titán in the Méndez Álvaro neighbourhood of the Spanish capital, one of «the most dynamic and high-potential office areas of Madrid», can be read in a press released by Grosvenor. It is strategically located amongst a purposeful stretch of offices, with excellent visibility from the M-30. This area is undergoing its final phase of densification with large developments on the few remaining plots of this high-demand office district. It benefits from «excellent transport connections with access to both the Atocha station and the airport, as well as being part of a larger mixed-use area creating a dynamic community and plentiful local services», added Grosvenor.

In this operation, Grosvenor was advised by Savills Aguirre Newman and the seller by Cushman & Wakefield.

Despite the uncertainty caused by Covid-19, the year 2020 will close with a Spanish office investment volume of approximately 2.3 billion euro, with more than 80% coming from international investors, who continue to rely on the solid fundamentals of the market. Submarkets such as Méndez Álvaro, in which there is a very low vacancy rate, are expected to show solid growth due to its great location with stabilised rents and solvent tenants, predicted the company.

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