9 March 2016 – Noticias CBRE
The British family office Princeton has closed the acquisition of the building on Calle Mazarredo 7, in Madrid, in a deal advised by CBRE, the world leading real estate consultancy and services company. The property, situated in a strategic location next to the headquarters of the Google Campus, has a surface area of 4,000 m2 spread across 5 floors.
It is a unique, listed building next to the Manzanares River, located in the new technological area of Madrid that has become fashionable thanks to the arrival of the Google Campus. The building will be leased to companies who want to be located in the area of influence around the technology giant’s headquarters.
Princeton is the investment vehicle of the Lee family, the former owners of the company Imry Property Holdings, which was listed on the London Stock Exchange for more than 25 years. Since the sale of the company, the Lee family has undertaken significant investments in Europe, the UK and the USA, often in partnership with major institutional investors. In April 2015, it acquired a building measuring 10,600 m2 on Calle Fomento, 2, in the Plaza de Santo Domingo, close to Gran Vía, which shows this investor’s commitment to the Spanish market. Following that operation, its purchase of the building on Calle Mazarredo, 7, next to the Google Campus in Madrid, constitutes Princeton’s second acquisition in Spain.
In this way, we are beginning to see the impact of the Google Campus on the area. The headquarters of the technology firm opened its doors last June in the Madrilenian district of Arganzuela, with the aim of becoming a meeting point for entrepreneurs and creatives, and in response to the growing demand in the city for shared work spaces. According to Paloma Relinque, the National Director for Capital Market Foreign Investments at CBRE, “the arrival of the Google Campus is generating an environment of entrepreneurship and a technological meeting point that is impacting the whole area. Demand is very high and it is unlikely that the Campus will be sufficiently large to satisfy it, which means there will be entrepreneurs looking for co-working spaces in the surrounding area”.
Original story: Noticias CBRE
Translation: Carmel Drake