Savills has closed the sale of a 3,500 sqm office building located in Plaza de Castilla, until now owned by Royal Metropolitan, to a private investor.
The property, a 100% occupied multi-tenant asset with LEED Gold sustainability certification, has aroused interest in an off-market process among investors active in the capital's office market, where the scarcity of product for sale within the M-30 has been the predominant feature in recent years. In the user market, the fundamentals of demand are supporting investor interest by maintaining a good take-up momentum, with more than 137,000 sqm under contract in the first quarter, up 5% year-on-year.
Gonzalo Ladrón de Guevara, Executive Director of Capital Markets at Savills, points out that "centrally located office buildings with a high level of quality and ESG remain a safe haven asset for investors".
