Deal News: Second largest Madrid office letting in 2017 completed
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”) has completed a 7,050 m² letting to Group CTO, a leading postgraduate education provider, at Albarracin 34, well-located in the business district of Julián Camarillo, Madrid. The new tenant will use the building as its new headquarters.
The complex was acquired in 2007 by AXA IM - Real Assets, acting on behalf of one of its clients. It totals 9,804 m² of GLA, across three annexed buildings, with 194 parking spaces. At the end of 2016, AXA IM - Real Assets undertook a value enhancing refurbishment plan to deliver good quality office space attractive to a range of tenants, whilst also improving the building’s overall appeal. The letting to CTO is recognition of the ability of the local asset management team in managing the asset and creating value for its client. Following this letting, the building is almost fully let.
This letting has been achieved in line with average market rents and is the second largest Madrid office letting in 2017 so far.