Santander Gives an Impulse to Madrid’s ‘Golden Mile’ Offices

13/10/2014 – El Confidencial

In the heart of the ‘Golden Mile’ in Madrid, in the intersection of the Serrano and the Juan Bravo streets, the old headquarters of the Insurance Compensation Consortium prep for welcoming new, prominent tenant: Santander Asset Management.

The manager of the bank led by Ana Botin moves out from the Ciudad Financiera complex located in Boadilla to the capital’s downtown. The move is predicted to conclude in December, the latest in January.

In fact, the event proves reactivation of the office market in prime areas of Madrid.

Built in 1991, the eleven-storey property (seven floors above and four below the ground level) is located at 69 Serrano street. Rental price is said to reach 20 euros per square meter monthly.

Santander Asset Management will now be a neighbor to two companies of one of its competitors: Sabadell-Urquijo and Sabadell Empresas, situated on both sides of the building to be rented by Santander. The latter premises was sold in 2009 in a sale&leaseback transaction for €35.7 million.

The move follows another one by Santander España  last year. The branch transferred its staff to old headquarters of Banesto as the Ciudad Financiera and its 2.3 million square meter area was not enough for one of the biggest banks in Spain.

Led by Lazaro de Lazaro, Santander Asset Management is the Spanish leader with a 17% market share and over €32.2 billion in assets.


Original article: El Confidencial (by T. Ugalde)

Translation: AURA REE