GreenOak Real Estate has completed the acquisition of the 78,500 square meters (845,000 square feet) office complex ‘Las Mercedes’ from Standard Life Investments.
The office complex was opened in 2004 as of one of the largest and most innovative office complexes in Madrid. It is located at Calle Campezo 1, opposite Madrid’s Barajas Airport, in close proximity to Klepierre’s 70,000 square meter Plenilunio Shopping Centre, and has five buildings with 200-metre direct frontage to the freeway A-2. With 78,500 square meters (845,000 square feet), the complex comprises nine office buildings, as well as 1,650 parking spaces and private communal garden. Set on 4 hectares (9.88 acres), the asset offers tenants a broad range of amenities and services, including two cafeterias, a restaurant, a supermarket, a delivery and postal service, a gym, public transport links and its own shuttle bus service connecting the complex directly to Madrid.
Las Mercedes is currently home to a range of blue-chip occupiers, including Altran, Applus, the Spanish Medicines Regulatory Agency and Xerox. The complex offers tenants the flexibility to occupy space ranging from single floors to single-occupancy headquarter buildings.
The acquisition of Las Mercedes Business Park, one of Madrid’s only master-planned office campuses, reflects GreenOak’s strategic focus: core Madrid sub-markets, excellent build quality and well-located assets, which are sought after by tenants. In light of its location, green environment, services, on-site amenities, and high-quality tenant roster, Las Mercedes is poised to become the premier choice for tenants in Greater Madrid. This acquisition is part of GreenOak's ongoing strategic focus on the Spanish market and is well-timed to capture the surge in occupier demand we see targeting Madrid’s best sub-markets, on the back of rising prime CBD rents.