Madrid’s office sector continues to attract investor interest. The latest fund to close a deal has been GreenOak Real Estate, who have completed the acquisition of a 9,800m² office complex on nº 34 Calle Albarracín. The complex, which is 92% let, is comprised of three buildings and is the headquarters of Grupo CTO and Euromaster which both have long-term leases. The asset was refurbished in 2016 and has 194 parking spaces. Clifford Chance and Arcadis have acted as advisers to GreenOak, while Savills Aguirre Newman has advised the seller, AXA, on the operation.
Albarracín 34 is located in Madrid’s Julián Camarillo district, an old industrial area of Madrid that is being converted into an office hub thanks to the concentration of leading tech companies. In addition, the real estate activity in this area is being reactivated both with new developments and with transactions, such Zambal Socimi’s acquisition of Atos’ HQ in Spain back in February.
GreenOak is a partner-owned, real estate investment management and advisory firm, founded in 2010 which operates a highly focused, global investment platform, pursuing independent, strategies in the United States, Europe and Asia. The team in Spain includes Jasie Leekha, Javier Zarrabeitia and Javier Lope z Galdos who have experience in Lehman Brothers, CBRE & J.P. Morgan respectively.