BC Partners and FREO Group, which specialises in the management and development of international real estate assets, have begun the final phase of the refurbishment of the Monument office building, after recently obtaining the building permit. Located in Barcelona's Eixample district, the project aims to establish itself as a model for modern, sustainable offices, with completion scheduled for May 2025.
The building will offer 13,400 sqm of rentable space, distributed over eight floors of office space, a 500 sqm terrace with views of the Sagrada Familia and a ground floor designed to encourage interaction between users. This will include a large lobby of 350 sqm, a cafeteria, a canteen and an auditorium for corporate events. It will also have four underground parking levels with space for 118 cars, 33 motorbikes and 121 bicycles.
The building is designed to accommodate up to 1,600 workstations, with an optimised occupancy ratio of one person per seven square metres. As of today, Novartis already occupies floors one to five, while the top three floors (six to eight) are in the process of being marketed.
Monumento is located in one of the best-connected areas of Barcelona, with access to multiple metro lines, trams, commuter trains and fast connections to the airport. Its strategic location seeks to attract and retain talent. In terms of sustainability, the building has been designed under criteria that prioritise energy efficiency and the well-being of the occupants. Among the measures implemented are LED lighting systems with natural light sensors, technical floors with acoustic properties and advanced ventilation and air conditioning systems. These initiatives support the achievement of LEED Platinum and Fitwel certifications.
Barcelona, demand for high quality assets
The Barcelona office market closed 2024 with outstanding growth, driven by the take-up of 298,000 sqm, 19% more than the previous year. According to Cushman & Wakefield, the New Business Areas, led by the 22@ district, accounted for 42% of the surface area contracted, followed by the City Centre with 35%. In addition, 70% of the space contracted corresponded to high quality buildings (class A/B+), with the technology sector accounting for 20% of the activity.
Availability fell to 9.16%, and 162,000 sqm of new office space is expected to come onto the market before the end of 2025, with 37% of these deliveries located in 22@. In this context, prime rents continued to rise, closing the year at 30 euros per sqm per month in key areas such as Paseo de Gracia and Diagonal, reflecting the growing demand for quality space.
