Grosvenor Europe acquires a 10,600 sq m Madrid office building
International property company Grosvenor Europe, has acquired an office building in Madrid, within the Méndez Álvaro neighbourhood, from UBS (D) Euroinvest Immobilien, a German open-ended real estate fund managed by UBS Real Estate.
The buy side was advised by Savills Aguirre Newman and the seller by Cushman & Wakefield.
The asset is located at 8 Calle Titán in one of the most dynamic and high-potential Office areas of Madrid. The building has 10,634 square meters distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar.
The asset is strategically located amongst a purposeful stretch of offices, with excellent visibility from the M-30. This area is undergoing its final phase of densification with large developments on the few remaining plots of this high-demand office district. It benefits from excellent transport connections with access to both the Atocha station and the airport, as well as being part of a larger mixed-use area creating a dynamic community and plentiful local services.
The office tower was completed in 2008 and is certified Leed Gold. The freestanding building has excellent natural light, with very flexible, open plan office floors and exceptional ceiling height, accommodating demand for corporate headquarters and from small occupiers alike.
Despite the uncertainty caused by Covid-19, the year 2020 will close with an office investment volume of approximately EUR2.3 billion, with more than 80 per cent coming from international investors, who continue to rely on the solid fundamentals of the Spanish Office Market. Submarkets such as Méndez Álvaro, in which there is a very low vacancy rate, are expected to show solid growth due to its great location with stabilised rents and solvent tenants.