16 September 2016 – Expansión
Azca, the financial heart of Madrid, is set to have a new tenant soon. The firm in question is the recruitment firm Hays, which has announced that it is going to transfer its Madrid offices to the building on Castellana 81, popularly known as Torre BBVA, due to its former tenant. The real estate consultancy Cushman & Wakefield has advised the deal.
The firm will make the move in January once the current renovation work on the building has been completed. In addition to Hays, at least one other firm has expressed interest in moving into the building. “For reasons of confidentiality, we cannot comment about the rest of the space leased, only that the marketing of C81 is receiving a good response in the market”, said a spokesman from the real estate company.
Castellana 81 has been owned by the Socimi GMP since 2007, when the real estate company purchased the building, together with three others, from BBVA in exchange for a plot of land in Las Tablas, where the financial entity has constructed its new corporate headquarters. Following BBVA’s move at the end of last year (the bank still occupies five floors of the tower that carries its name), GMP decided to completely renovate the property, which was designed in 1971 by the architect Sáenz de Oiza.
Renovation of Azca
Castellana 81 measures 38,800 sqm and is 107m tall. It is not the only building being renovated in the Azca area. Castellana 77, also owned by GMP, is currently being updated to turn its 16,000 sqm surface area into offices.
In the case of Torre Titania, work has just been completed on the skyscraper owned by El Corte Inglés next to its store in Nuevos Ministerios, to accommodate its tenant, the professional services firm EY.
Another historical building in the area that is being completely renovated is Torre Europa. The property, owned by the real estate group Infinorsa, has taken advantage of KPMG’s departure (which has moved to Torre de Cristal in the Cuatro Torres) to renovate the building, with an estimated investment of €20 million.
Original story: Expansión (by R. Ruiz)
Translation: Carmel Drake