Popular’s Future HQ Is Left Without A Tenant

12 June 2017 – Expansión

Banco Popular’s future corporate headquarters has been left without a tenant before the financial entity has even moved in. It was scheduled to take up residence in the last quarter of this year. The complex, located on the A2 motorway in Madrid, and designed by the architects Ayala and the Aguilera Ingenieros engineering team to be Popular’s financial city, comprises two buildings with a combined surface area of around 120,000 m2, as well as 1,600 parking spaces.

Currently, only one of the buildings – the property located at number one on the Madrilenian Calle Abelias – is occupied. The building has been Popular’s corporate headquarters since January 2013 and employees from the financial institution’s Information Technology (IT) team work there.

The Abelias building has a surface area of 54,300 m2 and is reportedly worth around €80 million. According to market sources, this property is currently the one with the most likelihood of finding a buyer and, potential candidates for acquiring these facilities include many of the Socimis and value added investment funds, which are generally willing to take on more risky assets.

The entity’s technological headquarters has an above-ground surface area of 22,600 m2 and another 31,700 m2 of space underground, as well as around 700 parking spaces. The building has been granted a Leed Gold certification by the United State’s Green Building Council (USGBC).

Very close to this building, on a plot of land on Calle de Juan Ignacio Luca de Tena, is the other property that was going to house Popular’s corporate headquarters. That building, which has an above-ground surface area of around 45,000 m2, dedicated to office space, and around 1,000 parking spaces, is reportedly worth around €120 million, without a tenant.

Banco Popular’s existing headquarters in the Beatriz Building, at number 29 on the Madrilenian Calle Ortega y Gasset, will have a new tenant from January: the law firm Baker&McKenzie. That property, which was constructed in 1975, has seven storeys, an attic and an upper attic, is owned by Vyosa.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

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