Henderson Park sells Madrid office to Atrea Real Estate for €91m

Real estate investment manager Henderson Park has agreed to sell the iconic Los Cubos office building in Madrid to Spanish real estate investment platform Atrea Real Estate for €91 mln.

Los Cubos, Madrid

This sale follows a comprehensive refurbishment by Henderson Park, transforming the brutalist structure into a modern, sustainable "vertical campus."

The renovation focused on upgrading the façade, auditorium, and interiors, along with a significant technological overhaul. New amenities were added to enhance the occupier experience, including communal areas, a cafeteria, over 4,000 m2 of external terraces, a gym, and a padel court. The project also prioritised sustainability, achieving LEED GOLD certification.

Having acquired the vacant building, Henderson Park successfully secured nine lettings, attracting a diverse range of globally recognised tenants such as Konecta, Takeda, and Kyndryl, which moved its Spanish headquarters to Los Cubos. The building now offers 19,600 m2 of office space across nine floors and is 84% let.

Christophe Kuhbier, head of Investments, Europe, at Henderson Park, commented: "This sale marks the conclusion of our business plan for Los Cubos, which perfectly exemplifies Henderson Park's value-add DNA and expertise in executing brown-to-green redevelopments.  Marking our entry into the Spanish market in 2017, we acquired an iconic asset with sound fundamentals and scope for improvement. We have subsequently delivered a comprehensive refurbishment that has transformed the office building into a modern workplace with the technology, wellbeing and sustainability features that today's occupiers demand, while ensuring we preserved and celebrated the building’s unique brutalist design"

This recent sale follows Henderson Park's earlier divestment of the Islazul shopping centre in Madrid to Castellana Properties for €340 mln in February.

For the Los Cubos transaction, Henderson Park received advisory services from Rivoli AM, CBRE, Cushman & Wakefield, Ashurst, and Deloitte. Atrea Real Estate was advised by Ecija, Ernst & Young, and PwC.