Starwood Capital Buys Spain Office Assets for $143M
The private investment firm acquired the Omega office park in Madrid and the Pallars office park in Barcelona, totaling roughly 500,000 square feet.
Madrid, Spain
Affiliates of Starwood Capital Group have acquired two office properties in Madrid and Barcelona, Spain for $142.5 million from Autonomy Capital.
The Omega office park, located in Madrid’s A1 corridor, is a four-building campus with approximately 360,000 square feet of gross leasable area. In Barcelona’s 22@ tech district, The Pallars office park is a fully leased Class A office property with roughly 136,000 of gross leasable area.
Clifford Chance and CBRE represented Autonomy Capital in the deal, while DLA Piper negotiated the transaction on behalf of Starwood.
“We are excited to add two high-quality assets to our Spanish office portfolio, allowing us to further increase our exposure to the exciting office markets of Barcelona and Madrid,” said Francesco Zanella, vice president at Starwood Capital Group, in prepared remarks. “We look forward to accelerating the portfolio’s positive letting trajectory through Starwood’s dynamic asset management approach.”
The European office market, led by Berlin, showed strong rental growth in 2018, led by a robust economy and strong job growth.
Image via Wikipedia Creative Commons
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