13 February 2015 – Cinco Días
The protagonist of this new activity is Ahorro Corporación, which has decided to put its headquarters, at number 89 Paseo de la Castellana, up for sale, which is located just fifty metres away from the Picasso building.
“Rising prices in the sector in recent months makes selling the building a more attractive prospect now”, said Enrique Sánchez del Villar in a press release. Sánchez recently joined Ahorro Corporación as CEO.
The building measures 20,000 square metres in total; 12 of its floors are let out as offices, another floor houses retail stores and there are also 530 parking spaces.
“Currently the building has an optimal occupancy level and high grade tenants, with Sareb, Deloitte and Alain Afflelou in the offices and Lateral, Maki, New York Burger, Via Birra and Dionisos in the retail and restaurant area”, said Ahorro Corporación.
The company acquired the building from Barclays in 2003 and plans to retain its corporate headquarters in the building once the sale has been completed. The real estate consultancy Aguirre Newman has been appointed as the sole advisor for the transaction.
“Castellana 89 represents an outstanding opportunity to invest in a prime real estate asset, with the potential to create significant value over the medium and long term given the building’s rental yields”, said Alejandro Campoy, Investment Director at Aguirre Newman.
Original story: Cinco Días
Translation: Carmel Drake