2023-05-08 08:07:49
He rent per square meter that a company pays for an office in a good location of Madrid usually around 35 euros. Sometimes even more: for example, IBM will pay 37 euros to house its headquarters in the old Sollube building, recently renovated by the Ibex 35 real estate company Merlin Properties. However, if there is a building that will mark a before and after in the capital’s office market, it will be the Torres Colón, the skyscraper located in the central square that gives the building its name.
As confirmed by sources in the real estate market to El Periódico de España, from the Prensa Ibérica group, Mutual Madrid will rent one of its flagship buildings for more than 50 euros per square meter per month, something unusual. In addition, these same sources highlight that the appetite to settle there is enormous, after numerous companies showed interest. Other sources say that, before the bursting of the real estate bubble, rents of around 50 euros were closed, but since the golden years of the Spanish ‘brick’ these levels have not been recovered and not for a building of that size.
The real estate division of the insurer has decided not give the exclusive mandate to look for a tenant to any consultant and they have opted to manage everything internally, something that cannot be confirmed because the group headed by Ignacio Garralda has not responded to the questions raised by EPE. One of the novelties of the new commercialization is that they will no longer rent plants of 300 square meters, but of more than double the size than before.
This skyscraper, which is not one, but two, because it is made up of two twin towers, has been owned by Mutua Madrileña since 1995, when it paid 8,845 million pesetas for it, equivalent to 53 million euros today. The building has 20,300 square meters in plants of 800. In addition, once it is inaugurated after the reform that is underway, it will have 2,000 square meters of terraces and an auditorium.
History of the Torres Colón
The Torres Colón were not always called that. Its first owner, Feeling bought them once they were inaugurated, under the name of Torres Jerez, by the origin of the business empire of Ruiz Mateos. In 1983 they were expropriated and put up for auction by the State, in which the British real estate company Heron International was awarded, upon payment of 4,350 million pesetas. After keeping it for a decade in equity, he decided to sell them to the Madrid insurer for the aforementioned amount.
In 2017, Mutua Madrileña kicked off its reform, informing its tenants that they had to leave their spaces. At the end of 2019, the insurance group announced the final project for its most iconic asset on Paseo de la Castellana. The remodeling was designed by the architecture team of Luis Vidal + Arquitectos and the work was awarded to Dragados, one of the ACS subsidiaries, with a budgeted investment of 65 million euros. According to the insurer’s plans, the reform should be finalized in the last months of this year.
One of the great novelties of the rehabilitation and modernization process is the removal of the historic “plug” that crowned the property, which was approved by the Commission for the Protection of Historical-Artistic and Natural Heritage of the Madrid City Council. This change, which entails creating four new floors, does not entail greater buildability, as supervised by the General Directorate of Building Control.
The office market in Madrid
The capital’s office park, including those located in the financial district and in the most central areas, totals around 6.6 million square meters, according to the 2022 annual report prepared by the real estate consultancy BNP Paribas Real. Stay. In addition to the aforementioned Torres Colón, the Ruiz Picasso (Azca) buildings, with 36,000 m2, and Madnum (Méndez Álvaro), with 56,000 m2, will soon be added.
The vacancy rate, that is, the area without a tenant, stands at 9.95%; after last year contracting rose to 487,000 square meters, 26% more than in 2021. The average rent for the best buildings (prime) is 36.75 euros per square meter per month. The most expensive rental price signed during the last quarter of last year was in the building located at number 47 Calle Serrano, with a rent of 41 euros, 20% below what Mutua Madrileña could sign in Las Torres Colon.
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