26 October 2017 – Expansión
The e-commerce and online payments specialist eBay has a new home in Spain. The Spanish subsidiary of the US group is packing the final boxes ahead of the move of its Madrid headquarters to c/Don Ramón de la Cruz 84, in the Salamanca neighbourhood.
Until now, the company’s employees have been split between its offices in Paseo de la Castellana, 95, in the skyscraper known as Torre Europa, where most of the workforce was based, and 67 Don Ramón de la Cruz, just a stone’s throw from the new headquarters.
As a result of this move, eBay will become one of Axiare’s new tenants and will share its new office space with the strategic consultancy firm Boston Consulting Group, the other major company that has chosen to move its workforce to this property, which used to house Telefónica’s headquarters.
Specifically, Boston Consulting Group will occupy 3,624 m2, whilst eBay will lease 5,471 m2 of the property.
The office building, located at number 84 Don Ramón de la Cruz, is a clear example of the modus operandi of the Spanish Socimi. In just two years, the company has completed the purchase of the building, modernised it by renovating the property’s interior and leased it out in its entirety. Specifically, eBay and Boston Consulting Group will together occupy the whole building, including 300 m2 of space on the ground floor, which was originally intended for retail but will end up being used as office space.
The firm led by Luis López Herrera-Oria purchased this building from Telefónica in October 2015 for almost €33 million and, following its renovation, which has involved an investment of €4.35 million, the building has seen its value rise by 70%. The property, constructed in 2001, has a surface area of 9,340 m2, spread over five floors, and 90 parking spaces.
To adapt the offices to the needs of the new tenants, the Socimi has renovated the reception and modified the common areas. Moreover, it has replaced the old air conditioning and lighting systems with state-of-the-art technology (including LEDs).
In addition, Axiare has boosted the brightness of the property by placing a skylight in the internal courtyard and installing floor-to-ceiling windows that provide plenty of natural light (…).
Of the Socimi’s total asset portfolio, almost 42% has now been repositioned, whilst the remaining 58% is in the process of being transformed to create value.
The company’s portfolio, which had a valuation of €1,710 million at the end of September, offices account for 70% of the total; logistics assets for 20%; and retail for the remaining 10%.
So far this year, Axiare has acquired six office buildings and logistics assets in Madrid and Barcelona, in strategic locations, for €215 million in total. Moreover, the real estate company is currently analysing operations worth almost €1,000 million, of which €100 million are now in an advanced stage of analysis.
Original story: Expansión (by Rebecca Arroyo)
Translation: Carmel Drake