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The Swiss bank Mirabaud, new tenant of Mutua.

The Swiss private banking institution Mirabaud has decided to change its headquarters in Madrid and move to a mansion, located in a prime location in the capital. The Swiss bank has rented more than 1.000 square meters on number six at Fortuny street in Madrid. Mirabaud will occupy the first floor of this building, whose total surface reaches 6.542 square meters. It also has 50 parking spaces. Until now, the Swiss bank was located on Castellana, 41.

Its new headquarters will be located in a building that was refurbished three years ago by Mutua Madrileña, within a refurbishment plan carried out by the insurance company that included another 11 buildings, located in Madrid. The company invested 100 million Euros in its refurbishment. Mutua has 23 rented buildings with a total surface of more than 200.000 square meters.

The new tenant, a financial and counseling group founded in Geneva in 1819, acquired in 2010 a participation in Venture Finanzas, acquiring in the end the whole capital. Mirabaud will share the building with the law firm Freshfields and the Embassy of Hungary. The operation has been advised by the consulting firm Gabinete Inmobiliario.

The amount of the operation is not public but rental prices in the area are around 24,5 Euros per square meter per month, according to Savills.

The move of Mirabaud takes place after a second quarter which has not been very active in the hiring of office spaces. Only 60.000 square meters, the lowest level in 13 years. “If we only take into account the number of operations signed, we can see clearly the weakness of the demand, with a fall of 12% in the semester”, they explain.