24/11/2014 – Expansion
Swiss bank Julius Baer has decided to move its Madrid headquarters from the 40th floor of the Torre Picasso tower to the Paseo de la Castellana street.
The private banking leader has leased a 2.000 square meter office space in a building located at number 7 of the famous downtown street of the Spanish capital city. The property, owned by the Samca group, has housed premises of another bank, Banesto, for years.
Advisory firm Gabinete Inmobiliario assisted at the operation. Its CEO Martin Perea said that the CBD of Madrid sees more and more moves of this kind, proving a progressive recovery of the market.
This area shows a 6.4% availability rate and a 15.9% on average, according to BNP Paribas. Office rentals in the area are 25.5 euros per square meter, or even 30 euros in case of unique properties.
Until now, Spanish team of Julius Baer used to share an office space on one of the last floors of the Torre Picasso with Bank of America Merrill Lynch. The two entities cooperated on a real estate management project.
Now the Swiss bank is going to share the two-storey, 1.200 square meter property with the White & Case lawyers office. The building was thoroughly rehabilitated few years ago and it is also let to Munich Real Estate, Standard & Poor’s, Mitsui and FTI Consulting.
EY, Deloitte and Jaguar Land Rover stayed in the Torre Picasso skyscraper.
Original article: Expansión (by R. R.)
Translation: AURA REE
Source: AURA Real Estate Experts