GLL Real Estate Partners has completed the selling of "Paseo de Recoletos 4" in Madrid (Spain). The Spanish team of the CVO Group managed the redevelopment of the property and supported GLL during the selling procedure.
The listed office building in Madrid's CBD was sold to the Spanish bank Abanca (former Novagalicia). The property is a single-tenant office building of 5 floors with approx. 3.700 m² of LFA and 21 parking spaces.
Recoletos 4 was built at the end of the 19th century in Neoclassic style, and was fully refurbished in 2014/2015 by GLL. The refubishment works incorporated the achieving of a BREEAM ‘Very Good’ certificate.
The buyer will establish its Madrid headquarters in the building.
Based on an article by El Confidencial of December 2015.