New York-based property fund, Angelo Gordon, has bought BBVA’s office building on Bilbao’s Gran Via street for €85M.
Gran Vía nº1 was built in 1969 as the headquarters of Banco de Vizcaya and has a GLA of 23,000m2 accross 21 storeys, including the ground floor. Following their merger with Banco de Bilbao, the building became the merged banks headquarters, although the corporate headquarters remained – as it is today – in the former headquarters of Banco de Bilbao, in Plaza de San Nicolás.
The property has been vacant since March 2016, following an employee transferal to Gran Vía 12 and Pío Baroja street. The new tenant of the asset will be Biscay’s foral council, a regional government entity as well as Primark.
The transaction was negotiated before the summer and will close in a few days,in what will be Angelo Gordon‘s largest deal in Spain, having bought Dolce Sitges in Barcelona from Oaktree, for 40 million euros.
Angelo Gordon was founded in 1988 and has an entrepreneurial and opportunistic strategy. The firm has assets under management of c. $28 billion across a broad range of credit and real estate strategies and over 450 employees in offices across the U.S., Europe and Asia.