ING Puts Up For Sale Old Madrid Headquarters of Telefonica

29/10/2014 – El Confidencial

Real estate investors have been looking forward for long to see the office building at 26 Rios Rosas street, Chamberi district, Madrid available for purchase. Former headquarters of Telefonica, which in fact still occupies several floors of the property, has fallen into hands of ING.

The juicy asset with great rental potential has a 35.000 square meter area and the future buyer will have to carry out significant remodelation of the building, an obligation that may pull the bids down.

The Dutch bank received the property through foreclosure lawsuit lost by Nozar, a firm whose arm NZ Patrimonio bought the office unit for €213 million from Peabody in 2007.

The family office has faced serious financial troubles, pushed even to asking for a loan to pay-off the VAT dues.

Apart from being known as the premises of Telefonica, the property became the target of an ETA terrorist attack in 1982.


Original article: El Confidencial (by Ruth Ugalde)

Translation: AURA REE