Five new tenants for Pórtico: Union Investment successfully lets space in Madrid (ES)
Monday 16 January 2012
At MIPIM 2007, it was awarded ‘Best Office Building’, now landmark Madrid property Pórtico, designed by SOM Skidmore, Owings & Merrill LLP, is almost fully let again.
Following the eviction of the previous tenant, Viajes Marsans, despite some initial letting success almost 50% of the 21,000 m² of office space was still vacant at the beginning of the year. Except for a small amount of remaining space, Union Investment was able to let the vacant offices during the course of the year, thereby boosting the occupancy rate of the building to 93%.
The new tenants include PepsiCo., Dexia Sabadell, Beam Global, Mary Kay and Endesa. Leases covering a total area of 9,500 m² were signed with these tenants. Union Investment was advised by Cushman & Wakefield on all the deals.
The seven-story class-A building, developed by Hines, is located in Campo de las Naciones, northeast of Madrid's city center, close to Barajas airport, and has been part of the portfolio of open-ended real estate fund UniImmo: Germany since the end of 2008.