A Revamp Of Avenida Diagonal Would Boost RE Inv’t

4 August 2016 – Mis Locales

With the debate raging over whether or not to reform Avenida Diagonal, between Paseo de Gracia and La Plaza de las Glorias, real estate investments are firmly under the spotlight. Following the approval of the proposal by the municipal council, planned for next summer, at a cost of around €11 million, the door has been opened to the extension of the prime area, currently centred around the commercial thoroughfares of Rambla de Catalunya and Paseo de Gracia, to other areas of the city centre.

The renovation includes increasing the width of the pavements by up to 40%, moving the tramlines to the middle of the avenue and restricting private traffic to just two lanes in each direction. Those are the main changes of the reform, which would generate 1,000 new jobs, 500 direct and another 500 indirect.

“The renovation of La Diagonal would turn it into one of the state of the art thoroughfares not just in Spain, but in Europe. Moreover, it would generate lots of business opportunities for an area that has historically been regarded as a transit route”, said Gerard Marcet, Founding Partner at Laborde Marcet. The renovation would give priority to citizens and would boost businesses in the area. On the stretch between Paseo de Gracia and Paseo San Juan alone, 100 premises are either vacant or in a precarious situation, which could see their fortunes turned around thanks to this refurbishment.

The project has been prepared on the basis of the city’s urban mobility plan, which forecasts a 20% reduction in private traffic by 2018, which would allow the space designated for bicycles and pedestrians to be increased, and the stretch of La Diagonal between Paseo de Gracia and La Plaza de las Glorias to be converted into a pedestrianized area. (…)

“Investing in La Diagonal means attracting investment and businesses from all over the world, as well as to another main focal point: Diagonal Mar”, said Marcet. The main commercial focus of attraction in the 22@ district has a surface area of 88,000 sqm, contains 200 shops, 40,000 employees and more than 4,800 parking spaces.

Companies such as Sara Lee, ADP, Henkel Ibérica, ISDIN, RBA, Microsoft Ibérica, Telefónica, Indra and Sanofi are some of the companies that are already located in the area.

Original story: Mis Locales

Translation: Carmel Drake

A UBS Fund Buys The ‘Cornerstone’ Office Complex For €80M

22 July 2015 – Expansión

A fund managed by the Swiss group UBS has purchased the Cornerstone office complex, in the 22@ district of Barcelona, for €80 million. The asset was previously owned by the British fund Benson Elliot.

The building was developed by Benson Elliot and its construction was completed in 2013. A year and a half after opening, it has an occupancy rate of 70% and its tenants include ADP and Henkel. The transaction was advised by Cushman & Wakefield.

The office complex has a total surface area of 20,700 m2 and is located in the neighbourhood of Poblenou in Barcelona, known as the 22@ district, one of the new business areas in the city.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake