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C&W has advised Swiss Life to acquire a office building in Madrid.

Jenny Pizarro • 29/06/2022
Swiss Life Asset Managers France has acquired an office building through one of its funds dedicated to the French insurer MAIF Group, until now owned by an investment group of German origin.
The asset has a total area of 3,535 m2 and is located on Vizcaya Street 12, next to the Atocha station, in the Méndez Álvaro district.

The building, built in 1970 and whose reform has been completed this year, has 200 m2 of outdoor space with a terrace on the sixth floor and a roof terrace on the seventh floor. The solar panels installed on the roof produce some of the energy needed for the operation of the building.

The asset is in the commercialization phase. The works redefined the office space in line with the latest user expectations and the latest ESG standards, achieving LEED Platinum and WELL Gold certification. The building also has services that are now demanded by tenants, such as showers, bicycle and electric bike parking, charging points for electric vehicles, and intelligent lighting and air conditioning management, among others.

The area is one of the most dynamic in Madrid, where they recently installed their headquarters Amazon and Just Eat, 450 meters from the main transport hub of the city.

According to Fabrice Lombardo, Director of Real Estate at Swiss Life Asset Managers France, "we are delighted to have closed this transaction, which demonstrates our ability to position ourselves in an asset that meets the latest ESG standards in a very attractive area of Madrid".

The real estate consultancy Cushman & Wakefield, Garrigues, Savills and Russell Bedford have been in charge of advising on the operation. According to Carmen Jiménez, co-director of Capital Markets of Madrid at C&W, "the consolidation of the good moment of the office market in Madrid is marked by the space that the company can offer its employees, with a good environment, experience and efficiency, and by the commitment to buildings with a high component of sustainability that meet the ESG demands of companies and investors".

For her part, Patricia Martín, also co-director of Capital Markets of Madrid at C&W, assures that "there is a progressive return to the physical office after a long period of uncertainty due to the pandemic and companies are aware of the importance of adapting office spaces so that this return is consolidated".

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Jenny Pizarro
Jenny Pizarro

Partner, Head of Business Development • Barcelona

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