A Zurich Insurance subsidiary, Rex Spain Zdhl, S.L., has purchased Velázquez nº 34 from Grupo Rosales, located in Madrid’s golden mile and at the intersection of two of the capital’s most commercial streets: Velázquez and Goya. CBRE, the world’s largest property services company, advised the buyer.
The completely renovated building is known as one of Madrid’s most attractive office assets thanks to its location the heart of the Salamanca neighbourhood, one of the most expensive in Europe. With seven office floors and a retail premise on the ground floor as well as a roof terrace, the asset has a GLA of c. 7,507sqm. The property has a LEED (Gold) certificate of sustainability.
A full refurbishment has been carried out by architectural studio, Rafael de la Hoz, conserving its two classic facades and currently 50% of the office space has been pre-let, including the retail area.
The deal, carried out in the midst of the COVID-19 pandemic, is a sign that investors continue to demand assets in Madrid’s prime locations.