Starwood to sell office building for more than €60M

Starwood to sell office building for more than €60M

Office building located at number 193 calle Pallars, in Barcelona

Starwood Capital is finalising placing on sale an office building located at number 193 calle Pallars, in Barcelona’s barrio de Poblenou. The operation will be concluded for more than 60 million euro.

Starwood Capital asked consultants CBRE, Savills Aguirre Newman and Cushman & Wakefield to present bids to carry out the sale of the building, according to Ejeprime. The fund will then choose one of the consultants to carry out the sale.

The building has a GLA of 13.000 sqm and is almost entirely occupied. Amongst its tenants are companies with long-term leases, such as Enterprise, General Electric, Ticket Master and Regus.

American firm Starwood purchased the asset from Autonomy Capital in 2019, as part of a portfolio which also included office park Omega, located in Madrid. The company paid 125 million euro for both buildings.

According to market sources, the office building will be placed on the market for around 70 million euro, although it is possible the transaction will be concluded for a little more than 60 million euro.

Headquartered in Miami (United States), Starwood Capital is a private investment firm specialised in real estate. It currently has 16 offices in seven countries and manages assets for more than 60 billion dollars.

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