Transactions - DECEMBER 12, 2016

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Axiare Patrimonio acquires office in Madrid for €124m

by Andrea Waitrovich

Axiare Patrimonio has acquired an office property in Madrid for €124 million ($132 million).  The seller was not disclosed.

The office building, located on Calle Almagro in the Madrid CBD, totals 1620,00 square feet and includes a 210-space parking garage. It serves as the headquarters for international law firm Cuatrecasas, Gonçalves Pereira.

The Spanish office market has shown positive economic growth and robust demand in both the occupational and investment markets, according to Cushman & Wakefield. Continued uncertainty linked to Spanish elections still has some effects on market confidence, but recent changes in the Socialist Party and the aim to avoid third elections should have a positive outcome.

Madrid and Barcelona are both seeing the lack of large floorplate deals, but so far this does not appear to be negatively affecting overall levels of occupier activity, with both cities more or less recording similar levels of dem

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