Spaces Launches its Third Co-Working in Madrid on Paseo de la Castellana

24 October 2018 – Eje Prime

Spaces is launching its third project in Madrid. The co-working space brand, owned by Regus, has opened a complex located at number 200 Paseo de la Castellana, in the heart of the Spanish capital’s business district.

The company leased 5,155 m2 of space in the complex in February. The facilities comprise more than 160 offices and 700 workstations. The space is owned by the Socimi Silvercode Investments, although it is managed by Drago.

The Castellana 200 property is the third office that Spaces has opened in the Spanish capital, where it also has another complex in Madrid Río and another in Atocha. In addition, Regus has a fourth asset in the 22@ district of Barcelona.

Castellana 200 was built in 2011 and spans an office area comprising two buildings, one smaller one, which Spaces has moved into, and another measuring 15,127 m2, which is home to tenants such as Discovery Channel, Linkedin and CBRE. The companies that have already decided to move into Spaces Castellana 200 include Ikan Biotech, Pervasive Technologies and Alliance Borntein, amongst others.

Spaces, founded in Amsterdam in 2008, competes directly with other groups such as WeWork. The company is experiencing exponential growth with the opening of 130 new centres, whereby it hopes to close 2018 with 150 centres in total all around the world. Moreover, it is consolidating its position in large markets such as in the USA, the UK, France and another 30 countries around the world.

Original story: Eje Prime

Translation: Carmel Drake

Drago Lets Building I in Castellana 200 to Workspace Supplier Spaces

28 February 2018 – Interempresas

The Socimi Silvercode Investments, managed by Drago, has signed an agreement with Spaces, the new international workspace supplier that promotes dynamic communities for entrepreneurs and companies, to lease it Building I of the Castellana 200 complex. Spaces, whose main activity focuses on offering flexible, innovative and disruptive workspaces, including coworking offices, in more than 100 countries, has decided to strengthen its expansion in Spain with the rental of this building, which has a surface area of 5,155 m2.

As a result of this deal, Spaces will have three centres available in the Spanish capital, in addition to the centre it owns in Barcelona. CBRE, the leading international consultancy and real estate services company, has advised the operation. Divided into nine open-plan floors spanning more than 600 m2 each with lots of light thanks to the integrated glass façade, Building I in Castellana 200 was the first in the country to obtain the B+ rating granted by the Spanish Office Association (AEO) for its excellent qualities and services, which are capable of exceeding the expectations of even the most demanding occupants.

According to Philippe Jiménez, Director of Spaces in Spain: “Following our arrival in Madrid with Spaces Río and the imminent opening of Atocha, Castellana 200 is going to become the third Spaces centre in the capital. This building is in a privileged location in the heart of the city’s business district, which will allow the new way of working that Spaces offers to reach many more Madrilenian companies and entrepreneurs”. And he added, “Spaces is still looking for new locations both in Madrid as well as in other Spanish cities to continue its growth across the country.

With this operation, Drago and CBRE have managed to lease more than 95% of the space available for office rental in Castellana 200, a complex comprising two office buildings and a shopping centre located on the Madrilenian Paseo de la Castellana. Building II has an occupancy rate of 95% and is home to leading companies such as Discovery Channel, Linkedin, CBRE, Ebury and Schweppes.

Original story: Interempresas

Translation: Carmel Drake

Owner Of Castellana 200 Debuts On The MAB

2 June 2016 – La Vanguardia

A new Socimi, Silvercode Investments, owner of the majority of the Castellana 200 Complex (pictured above), will make its debut today on the Alternative Investment Market (MAB) at a price of €1.11 per share, valuing the whole company at around €80.3 million.

The company will thus become the sixteenth Socimi to join the market, according to a statement issued by the Spanish Stock Exchanges and Markets (BME).

Silvercode owns the majority of the Castellana 200 Complex, located in Madrid’s main financial district. The site comprises two office buildings, one shopping centre, four floors of underground parking and a project under development.

The company will list through the price fixing system. Renta 4 Corporate is the registered advisor and Banco Sabadell is acting as the liquidity provider.

The initial share price has been adopted taking into consideration the findings of a report performed by independent valuation experts, Ernst & Young Servicios Corporativos.

The company has signed a contract with Drago for the management of the Castellana 200 Complex.

The shopping centre, located on Paseo de la Castellana, used to be one of the jewels in the crown of Reyal Urbis, before that firm filed for bankruptcy. The centre opened its doors to the public in April 2013, with 19 stores as well as common areas.

In 2009, a project was started to construct a five-star hotel in the building. Nevertheless, the construction work was never finished due to financing problems.

Silvercode currently owns 52.18% of the property under development, whilst the remaining 47.82% is still owned by Reyal Urbis.

In May 2014, Java International, a company domiciled in Luxembourg, acquired 100% of Silvercode Investments’ share capital.

Original story: La Vanguardia

Translation: Carmel Drake