Spaces Leases 3,100 m2 of Office Space from MGS in Recoletos

13 December 2018 – Eje Prime

Spaces is going to be looking closely at the goddess Cibeles from now on. The co-working firm owned by Regus has found a space on Paseo de Recoletos in Madrid, one of the most prime areas of the Spanish capital, where it is going to lease the entire building that Mutua General de Seguros (MGS) owns there, according to reports from sources close to the operation speaking to Eje Prime.

The building is located at number 5 on the central Madrilenian street, very close to Plaza Cibeles. There, Spaces is going to occupy the property’s entire surface area of 3,053 m2, spread over five storeys and an attic. It will be the company’s sixth centre in the Spanish capital.

Spaces’ new office in Madrid has been owned by MGS since 2017 when that firm purchased the building from a local family office for €30 million. A year before the sale, the former owners completely renovated the property, which now has a large entrance hall with high ceilings, two elevators, a raised floor and Led lighting.

On the other hand, the co-working owned by Regus is already studying the rental of its seventh asset in Madrid. It is another prime space in the city, where the company is looking to occupy between 4,000 m2 and 5,000 m2.

With these new operations, Spaces could add more than 15,000 m2 of space to its Madrilenian portfolio during the fourth quarter of 2018. The company recently signed two other spaces in Méndez Álvaro and María de Molina, spanning 5,500 m2 and 3,500 m2, respectively.

Expansion in Spain

In addition to consolidating its presence in Madrid, the company led in Spain by Philippe Jiménez is working on its domestic expansion. The company is finalising openings in Bilbao, Sevilla and Gijón, as revealed by Eje Prime. Moreover, the manager is already looking for spaces in some of the country’s other major cities, such as Valencia (…).

Original story: Eje Prime (by Jabier Izquierdo)

Translation: Carmel Drake

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