• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Jaguar Land Rover Replaces FCC in Torre Picasso

Jaguar Land Rover has announced moving its premises in Madrid. The British car producer has been looking for a new place for its main headquarters in Spain for few months. Finally, the company chose Torre Picasso, a skyscraper of Pontegadea.

By now, Jaguar Land Rover has been occupying several floors at 130 Paseo de la Castellana Street (…) in the primary zone of Madrid.

“The company wished to move to a more representative place, adequate to the brand image, without leaving the prime zome. Torre Picasso in Las Tablas was the bull´s eye” – explains Alfredo Collar, partner at Business Space of Cushman & Wakefield (C&W), the real estate consultant company that assisted at the search of new premises.

Also, Torre Titania belonging to El Corte Ingles has been taken under consideration. (…).

The Transfer

The construction company chaired by Esther Koplowitz had been the owner of Torre Picasso by the end of 2011 when it transferred the property for 400 million Euros to Pontegadea, the real estate company of Amancio Ortega. (…) The lease contract expired in December 2013.

Now Jaguar Land Rover will occupy a half of the 42nd floor (the other half is rented by E.ON. energy company), more than 1.000 square meters of space. The upper floors of the tower hosted the Presidency of FCC, including the office of Ether Koplowitz and meeting and cummunication rooms.

After the leave of FCC, the new tenant prepares itself for moving that has been scheduled for May. (…) Additionally, Jaguar rented 20 parking spaces in Torre Picasso and 33 at 79 Castellana Street, also from Pontegadea.

The amount that the automobile company will have to pay monthly will not differ significantly from the previous one as the rent in both buildings oscilates around 25 €/m2. “Jaguar Land Rover sought a place meeting its requirements of outstanding quality and location in Azca area” (…).

Source: Expansión

328