Hines invests €20M to renovate the Banco Sabadell tower in Barcelona

Hines invests €20M to renovate the Banco Sabadell tower in Barcelona
Diagonal Vertical office building, Barcelona

Hines is giving a new name to the Avenida Diagonal 407 office building, located in Barcelona's Eixample district. The company, as part of its transformation of the Banco Sabadell tower into a new workspace, has chosen Diagonal Vertical for the new offices. The move comes as part of the iconic office building's 55th anniversary, marking the start of a new era for the Hines property. For the first time since its inauguration in 1969, the building, which was previously in the hands of two banks for their exclusive use, will be open to other companies.

The building, a creation of Catalan architects Santiago Balcells and Francesc Mitjans, played a crucial role in the evolution of Barcelona's skyline by being the first to introduce a design that broke with the city's traditional horizontal plan. This innovative aspect is reflected in the tower's new name.

The refurbishment of the Diagonal Vertical, by architectural firm Batlle i Roig and interior design studio Buckley Gray Yeoman, is designed to preserve its distinctive features, including its iconic glass façade, while upgrading the interior to elevate the building to Class A status. With an investment of over €20 million, the refurbishment is expected to be completed in the third quarter of 2024.

Diagonal Vertical, Barcelona

Located in a strategic position within Barcelona's financial district, at the intersection of Avenida Diagonal and Calle Balmes, Diagonal Vertical stands out due to the scarcity of similar assets and investment opportunities in the area, making it a building of great value. The building rises to a height of 83 metres and consists of 24 floors, offering 11,823 square metres of office space.

Hines acquired this asset through the Hines European Core Fund (HECF) in December 2021 for approximately €90 million. Banco Sabadell will continue as a tenant in the refurbished building, occupying four floors which include its main commercial branch and private banking office in Barcelona.

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