New Neighbour for 22@: the Multinational Criteo Rents its New Offices from Oaktree

14 August 2018

The French company, specialised in digital marketing, will occupy an entire, 8,500-square-meter building on Almogàvers Street. The company will leave Torre Mapfre and double its workforce.

The neighbourhood of 22@ will have a new and famous neighbour starting next year. The French multinational Criteo will move its offices in Barcelona to the city’s technological district in 2019, after signing the lease for an entire, 8,500-square-meter building on Almogàvers Street that is owned by the Oaktree and Freo investment funds.

Operating from the Torre Mapfre since 2014, Criteo plans to expand its presence in the Catalan capital, where it has its second-largest office in Europe (just behind its headquarters in Paris), with its new headquarters in Barcelona. The company will double its workforce, from the current 350 employees to a high of 700, according to Expansión.

The building in which the multinational will take up residence will be completely renovated by the Barcelona architectural office of BCA, one of the most active in the area of 22@ and will involve an investment of twelve million euros.

The building is located in what is known as the golden mile of the tech hub, at 177-185 Almogàvers street, very close to the Glories Tower, an icon of the district. The building has three floors, 600 square meters of terrace on the roof and a large central atrium.

Original Story: EjePrime

Translation: Richard Turner

 

BNP Paribas: Office Rentals Rose by 22% in Madrid in 2017

5 January 2018  – Eje Prime

The good news is never-ending for the office sector in Spain. In Madrid in 2017, the market recorded its highest level of office rentals since 2007, increase the absorption of this asset type by 22%, thanks to greater demand from public administrations, according to a report from BNP Paribas Real Estate.

According to the entity, last year, 525,000 m2 of office space was leased in Madrid. The office rental figures recorded in Madrid still do not approach the almost 1 million m2 of space that was leased ten years ago. Nevertheless, it is worth taking into account the fact that companies no longer need such large spaces to undertake their activity because working practices have changed, and there is now a trend to optimise spaces.

The increase in demand was also accompanied by an increase in prices, which rose to €31/m2/month in the most exclusive areas. Nevertheless, some lease contracts were also signed for prices of up to €36/m2/month in certain buildings in the Spanish capital’s financial district.

Original story: Eje Prime

Translation: Carmel Drake

Esteve Leases 12,000 m2 Of Office Space In Torre Marina From Iberdrola

6 September 2017 – Expansión

Record-breaking operation in the office market in Barcelona.

The pharmaceutical and chemical group Esteve has reached an agreement with the real estate division of Iberdola to transfer its corporate headquarters to Torre Marina, a property owned by the energy company.

Esteve has leased 12,000 m2 of space (out of a total surface area spanning more than 19,000 m2) spread over 10 of the 13 floors that make up the property. Following the agreement, the building will be renamed Torre Esteve, according to an announcement by Iberdrola.

The change of office will happen in 2018, and will bring together the c. 400 employees and collaborators that the pharmaceutical company currently has spread over several locations in the Catalan city.

In addition to the 12,000 m2 of office space, Torre Marina is home to a retail and services arcade, known as the MarinAtrium, and 1,000 parking spaces.

By volume, this is the largest corporate move in Barcelona in the last 10 years. During the first half of the year, 220 new office rental contracts were signed in the Catalan capital, of which only 11% were operations involving more than 2,000 m2, according to the consultancy firm Cushman & Wakefield. In terms of rents, the average price of office rentals in the prime area of Barcelona amounts to €22.50/m2/month, up by 7% compared to a year ago.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Mutua Madrileña Buys Office Building In Madrid For €30.8M

27 July 2016 – Expansión

The insurance company Mutua Madrileña has acquired the former headquarters of Fórum Filatélico from Credit Suisse’s real estate fund for €30.8 million. The operation has been performed entirely using its own funds.

The property in question is an office building in the heart of Madrid’s financial district. Located at number 51 on Calle José Abascal, next to Paseo de la Castellana, the building has a surface area of 3,600 sqm spread over seven floors, and 62 parking spaces.

According to the company, the operation forms part of its strategy to dynamically manage its assets, which also includes the possibility of making acquisitions as and when attractive opportunities arise. On the buy side, Mutua Madrileña has been advised by the law firm Pérez-Llorca and, on the sell side, Credit Suisse has worked with CBRE as real estate advisor and Eversheds Nicea as legal advisor.

The real estate market

The building will be rented out in its entirety and, in order to increase its value, the company will undertake renovation work, to equip it with the latest technology in terms of efficiency and sustainability.

Mutua Inmobiliaria , which includes the company’s property investment area, considers that the office rental market in Madrid is in full recovery.

The insurance company has not acquired any new properties for almost 10 years. The last purchases it made for its real estate portfolio were the so-called Pirámide and the Torre de Cristal, also on Paseo de la Castellana. (…).

Original story: Expansión (by Inma Benedito)

Translation: Carmel Drake