GreenOak Real Estate acquires Madrid office building


GreenOak Real Estate (GreenOak) has completed the acquisition of Claudio Coello 123, a greater than 4,000 square meter office building located in the Prime CBD of Madrid.

This area is a hub for corporate headquarters, Embassies, five-star hotels and luxury retail real estate, and the building faces Alfredo Mahou Plaza, one of the most exclusive squares in Madrid which is currently the site of several high value residential developments. 
 
The building comprises a ground floor plus six further floors as well as two floors below ground for parking.
 
GreenOak intends to work with leading architects and advisors to undertake a comprehensive refurbishment of the entire building to create unique Grade A office building space that will appeal to a range of occupiers.
 
John Carrafiell, Europe-based co-founder of GreenOak, says: “Madrid continues to represent an exceptional office investment opportunity. Madrid is in the midst of strong economic growth, yet rents are still well below past peaks. Like many of the world’s other gateway, capital cities, demand is fuelled by the growth of Corporate, Tech, Media and Creative tenants driving the take-up of space. Since 2013, GreenOak has acquired 150,000 square meters (1.6 million square feet) of office space in Spain, totalling 20 separate buildings (17 in Madrid and 3 in Barcelona). Robust tenant demand has accelerated GreenOak’s leasing, with 25,000 square meters of office space let in the past 24 months alone.”
 
Clifford Chance acted as legal counsel, and Arcadis as technical advisors to GreenOak in this transaction. Perez Llorca acted as legal counsel for the seller.

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