GreenOak Real Estate has completed the acquisition of Claudio Coello 123, a greater than 4,000-square-meter (43,000-square-foot) office building located in the prime CBD of Madrid.
This area is a hub for corporate headquarters, embassies, 5-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 advisers to undertake a comprehensive refurbishment of the entire building to create unique class A office building space that will appeal to a range of occupiers.
“Madrid continues to represent an exceptional office investment opportunity,” said John Carrafiell, Europe-based co-founder of GreenOak. “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 fueled 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, totaling 20 separate buildings — 17 in Madrid and three in Barcelona. Robust tenant demand has accelerated GreenOak’s leasing, with 25,000 square meters [260,000 square feet] of office space let in the past 24 months alone.”
