Madrid’s commercial space Pórtico completes 93pc occupation

Five new tenants inject life-line interest in 2007 Best Office Building-awarded Pórtico. The new tenants include PepsiCo., Dexia Sabadell, Beam Global, Mary Kay and Endesa. Leases covering a total area of 9,500 sq m were signed with these firms, operations in which proprietor Hamburg-based fund Union Investment was advised by Cushman & Wakefield.

Now a Madrid landmark, Pórtico, designed by SOM Skidmore, Owings & Merrill LLP, is almost fully let again. Following the eviction of the previous tenant, Viajes Marsans, despite some initial letting success almost 50 per cent of the 21,000 sq m of office space was still vacant at the beginning of 2011.

Except for a small amount of remaining space, Union Investment has finally been able to let the vacant offices during the course of the year, thereby boosting the occupancy rate of the building to 93 per cent.

The seven-storey class A building, developed by Hines, is located in Campo de las Naciones, northeast of Madrid’s city centre, close to Barajas airport, and has been part of the portfolio of open-ended real estate fund Union Investment since the end of 2008.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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