The Catalana Occidente Group buys the Castellana 55 building in Madrid for 60 million

The Catalana Occidente Group buys the Castellana 55 building in Madrid for 60 million

This is a building with an area of 5.625 m², spread over seven floors of offices of 734 m². Additionally, there is a garden area for the exclusive use of its employees and 27 parking spaces. The building was completely renovated in 2007, with due regard to, and the protection of, its unique architectural features, such as the façade overlooking the Paseo de la Castellana, the hallway and the main staircase.

The process has been under the consultancy of CBRE and Cushman & Wakefield, consultants who have brought to a conclusion a competitive process between a restricted number of investors. Castellana 55 is an exemplary building in the very prime zone of Madrid and is fully let.

Carlos García, Director of Capital Markets of CBRE, explains “this deal has been the icing on the cake of a financial year in which there has been a new record for investment in the professional real estate sector and which without doubt marks a new step forward are three years of continual recovery. The Castellana 55 deal has been the validation of the arrival of institutional capital in Spain, and its consolidation”.

According to Vanessa Gevers, member of the Capital Markets Department at Cushman & Wakefield Spain, “Castellana 55 has been a unique opportunity which has generated extraordinary interest on the part of both national and international investors. It has been an honour to assist in bringing about the sale of an asset with such characteristics. Without doubt, this marks a ‘before’ and ‘after’ date in the Madrid real estate market”.

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