Ardian and Lamar Development acquire office building in Madrid

Global private investor Ardian and real estate developer Lamar Development have jointly acquired an office building in Madrid’s city centre.

Calle de Alcalá, 38-40, 28014 Madrid

The asset dates back to 1880 and features a total area of around 10,000 m2 distributed across seven floors with a private courtyard garden on the ground floor and a rooftop terrace. The property occupies a prime location on Calle Alcalá 38-40, located at the intersection with Gran Vía, directly opposite the iconic Metropolis Building and within walking distance of the Four Seasons Hotel and Galería Canalejas, Plaza de Cibeles and the Banco de España.

The partnership intends to undertake a comprehensive redevelopment of the property, transforming it into a high-end residential complex. The project is aiming for a high-level environmental certification. Lamar Development will manage the project.

Edmund Eggins, head of Real Estate Spain & managing director, Ardian, said: “We are very excited about this latest acquisition in Spain. This project reflects our trust in the local real estate market and our dedication to developing best-in-class real estate in major European cities. We are firm believers in Madrid's potential as a dynamic and growing city and look forward to contributing to the development of the city with innovative and sustainable projects.”

Henri Hottinger, European Partner, Lamar Development, added: “This acquisition marks our second investment in the immediate area and reflects our conviction in both Madrid and the continued evolution of this area as one of Europe’s most compelling luxury residential destinations. With Casa Lamar in Cedaceros 9, we began building our vision for this part of the city, and Alcalá 38-40 represents a natural continuation of that commitment.”