The Spanish property developer TwinPeaks has purchased an office building from the property management firm Azora, located at 136 Calle Doctor Esquerdo in Madrid’s Retiro district, with the aim to converting it into residential accommodation. The total investment in the project will exceed €60 million, according to Expansión.
The development will comprise a total of 55 new-build homes, ranging from one to four bedrooms with terraces and floor areas ranging from 60 to 165 sqm. The project will include communal areas featuring a gym, a cinema, a co-working space and a rooftop swimming pool.
The project, designed by the architectural firm Cano y Escario and marketed by the consultancy Colliers, is scheduled to begin refurbishment works in 2027 and hand over the homes by the end of 2028. Marketing will begin in the second half of this year.
This building, originally an office block with retail units on the ground floor and built in 1964, will provide new residential accommodation in an established area of Madrid.
This is the third redevelopment project undertaken by TwinPeaks, following the conversion of office space into residential units at 30 Paseo de Gracia in Barcelona and 53 Serrano in Madrid, and the conversion of retail space into residential units at 135 Calle Bravo Murillo in Madrid.
TwinPeaks was advised on the transaction by JLL, Almar Consulting, PwC and Osborne Clarke.
“Doctor Esquerdo 136 reflects our approach to property development: identifying locations with great potential and transforming them into projects capable of adding value to the city and its future residents”, explained Jesús Moler, managing director of TwinPeaks Capital.
For Azora, this sale marks the first divestment by the Southern Europe Opportunities III (SEO III) fund. This fund, launched in 2025, focuses on investments aimed at generating value in sectors considered key, such as housing, hotels and data centres, primarily in southern Europe.
