Barclays Leases Central Madrid Office From Mutua Madrileña

26 July 2017 – El Confidencial

Last year, just a few months apart, Mutua Madrileña and Barclays starred in two of the most important office transactions in the capital’s recent history.

On the one hand, during the summer, the insurer broke a decade of investment drought when it acquired the property at number 51 on Calle José Abascal, the former headquarters of Fórum Filatélico.

On the other hand, in the autumn, the British bank took the decision to sell its last jewel in Spain with the sale of the property at number 1 Plaza de Colón, an operation that was completed at the beginning of this year.

Now, the paths of these two entities have crossed again with a rental agreement that they have signed for Barclays to occupy the whole, recently refurbished, Mutua Madrileña building.

The property, located just a stone’s throw from the heart of the Paseo de la Castellana, has a surface area of 3,600 m2, spread over seven floors and 62 parking spaces. It has just been renovated in accordance with the latest energy efficiency and sustainability technologies.

Mutua Madrileña acquired the building for €30 million from Credit Suisse, an entity that had, in turn, taken over the property during Fórum Filatélico’s bankruptcy process (…).

Now that the property has restored its past splendour, Barclays will install its investment banking and corporate banking activities there, given that it sold its entire retail business to CaixaBank two years ago for €820 million.

Barclays’ former headquarters on Plaza de Colón was acquired by CBRE GI, which also plans to carry out a comprehensive renovation of that property, which may be used for retail purposes in the future.

Original story: El Confidencial (by R. U.)

Translation: Carmel Drake

185