King Street Capital Management and Freo Group have agreed to sell a new LEED Platinum office complex in Barcelona, Spain.
The 38,000 sqm asset, composed of three buildings, is located in the heart of the 22@ business district, an established sub-market attracting prime tenants looking for modern grade A offices.
Large international technology firms have a strong presence in the area, which continues to appeal to a younger, affluent talent pool. The buildings, which are currently under construction, are targeting to be delivered between Q4 2022 and Q1 2023.
As a LEED Platinum certified development, MILE22@ has 57% of water consumption savings and 36% of energy savings, and was designed with rooftop solar panels and sustainable construction materials that are 23% recycled. In addition, its communal gardens, private terraces and views of Barcelona and the Mediterranean Sea are all factors that continue to attract tenants such as large international technology firms, as well as high-caliber talent.
Paul Brennan, Managing Director and Head of European Real Estate at King Street, said: “The sale of this asset underscores King Street’s ability to successfully execute on our build-to-core strategy of developing and leasing sustainable, next-generation workplaces in major European cities”
Oscar de Navas, Managing Director, Freo Group, said: “After four years of active asset management, going through permitting, construction and leasing, we’re really proud to close this successful transaction. 22@ District has been a key submarket for Freo and will continue to be in the future.”
King Street and Freo Group were advised by CBRE, Savills, Uria Menendez and Deloitte