17/07/2014 – Expansion
Madrid´s office market has not seen many moves over the first six months of the ongoing year. During that time, lease contracts totalling 173.500 square meters were signed.
There have been few operations involving more than 1.000 square meter areas with the average of 500-600 square meters, as BNP Paribas Real Estate tells. To compare, in the golden age of Spanish economics, the mean post 900-1.000 square meters. But two companies picked the same building: the Castellana 200, also known as “Business Center 200”.
The property was acquired by Canadian fund PSP two months ago. Now, TV channel Discovery Networks and electronics manufacturer Sony want to make the place their headquarters. The first leases 1.071 square meters on the fourth floor, whereas the other rents 2.047 square meters on the seventh. “Discovery already moved last month and Sony is planning to do so in September”, informs CBRE that manages the unit and occupies the eighth and the ninth floors itself.
Another well-known company leasing some office space in the complex is Orangina Schweppes that occupies two stories of joint area of 3.600 square meters. CBRE assures “we get plenty of calls with inquiries about the available space every day and there are only two floors and a half of the ninth left”.
The complex disposes of another office building, constructed by (now bankrupt) Reyal Urbis with view to settling down in there. For this reason, the property had been designed to be occupied by only one tenant, however this issue remains negotiable.
Apart from that, the complex offers a commercial Gross Lettable Area of 6.500 square meters, presently 100% occupied. Moreover, this part has got 844 parking spaces. The third building of 18.000 square meters, originally planned as a hotel, remains in hands of the insolvent company´s lenders.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE