30 November 2017 – Expansión
Ryanair has arrived in Azca. The Irish low-cost airline has leased 2,000 m2 of space in the Eurobuilding II, located in the heart of the Spanish capital’s financial district for its largest technological hub.
“It is an ideal location in one of the largest technological cities, with highly qualified people; plus, it is home to some of the greatest technological innovators in Europe”, said sources at the airline.
Ryanair, which avoided specifying the amount that it will spend on the new offices, chose Spain for the launch of its third digital innovation centre – it has two others in Dublin and Wroclaw – back in May.
The project will result in the creation of 250 jobs – 50 people have already started – with the aim of streamlining the low-cost airline’s web and the app. Travel Labs Spain is looking for all kinds of profiles, from data engineers to developers to experts in social media.
In the new offices, Ryanair’s employees have rest areas with pool tables, table football and a Star Wars game.
The building, located at number 69 Calle Orense, is located in the capital’s Central Business District.
According to data from the consultancy firm JLL, the average rent in the CBD of Madrid amounted to €30.75/m2/month at the end of the third quarter of the year. The owner of the Eurobuilding II is the Mutualidad General de la Abogacía, the pension fund of Madrid’s lawyers’ association, which had more than 194,000 members at the end of 2016 and more than €5.9 billion of resources under management.
The other tenant of the building, which is very close to Paseo de la Castellana, is the Vaughan Language School, which leases more than 4,500 m2 of space for teaching, with more than 95 classrooms.
The Eurobuilding II was acquired by the Mutualidad General de la Abogacía in 2003 for €30.9 million. According to the latest available appraisal report, the value of the property amounts to €43.8 million.
Original story: Expansión (by Y. Blanco and R. Arroyo)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts