Colonial To Construct New Office Block Next To Castellana

29 May 2015 – Expansión

The real estate company Colonial has purchased a property on Calle Estébanez Calderón in Madrid, just a stone’s throw from the Paseo de la Castellana. It will demolish the building and construct a new office block in its place. The total investment will amount to €40 million.

The future corporate tower will cover an area of 15,000 square metres above ground and will be exclusively devoted to offices that will be rented out.

Given the scarcity of prime products for sale and the significant pressure from the international market to purchase this kind of product in Madrid and Barcelona, Colonial has decided to build its own property. The company chaired by Juan José Brugera specialises in office buildings in the centres of Madrid, Barcelona and Paris and its assets amount to €6,000 million.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake