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Spanish State Acquires Office Building in Madrid Río for €60 Million

Acquired from AEW, the office in Madrid Río was initially bought as a turnkey project from Insur, though it has never been leased.

Madrid Río

Acquired from AEW, the property in Madrid Río was initially bought as a turnkey project from Insur, though it has never been leased.

The government will pay 60 million euros for the asset in a transaction advised by Savills Aguirre Newman.

The Río 55 business complex, located close to the former Vicente Calderón stadium, comprises two independent buildings with around 14,000 square metres each.

The south building, owned by the developer Insur, is leased to Cetelen, the lending subsidiary of BNP Paribas. The north building, a turnkey commission from AEW, has not been leased since Insur completed construction two years ago. Total investment in the project reached 60 million euros.

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