Telefónica has sold the building where its Valencia Innovation Center is based, located at 148 San Vicente street in the capital of Túria, as confirmed by sources in the real estate market. Levante-EMVnewspaper that belongs to the same group as this medium. The property of 8,000 square meters has a value of 16 million euros, taking into account that the average price per square meter of offices in the area is around 2,000 euros. The telecommunications company will remain in the building until 2023 and as soon as it leaves it, it will be occupied by the private professional training company IMF Smart Education. The firm Olivares Consultores has acted as an intermediary for the operation.
The building has been bought by a Valencian family, which has been leased to IMF Smart Education. The operation had initially been planned under the scheme of sale and leaseback (long-term sale and lease to the seller), but in the end Telefónica opted to shorten the lease term by regrouping its offices in the other offices it has in Valencia.
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Jorge Quevedo, Director of Investment at Olivares Consultores, explains that there is a great demand from international companies for office buildings to settle in the capital of Túria. “Finding 8,000 square meters of offices in Valencia is not easy,” he warns.
The director of Olivares assures that in the second quarter of this year “the demand for offices has grown exponentially” after telecommuting declined. Quevedo specifies that in the metropolitan area of Valencia there are 2,000 square meters of offices available in the Táctica building and in the capital of Túria they are free 1,600 square meters that the telecommunications company Vodafone has left in Vara de Quart by moving to a new building opposite the new Mestalla.