THE PROPERTIES, LOCATED AT 110 PASSEIG DE GRÀCIA STREET AND 431bis DIAGONAL AVENUE, WERE PURCHASED WITH INTERMEDIATION BY JLL
Barcelona, October 3, 2024.- Alting Group has acquired two exclusive buildings in Barcelona’s Central Business District (CBD). The properties, located at 110 Passeig de Gràcia street and 431bis Diagonal Avenue, have retail spaces on the lower floors and offices above. Both buildings were purchased in an operation intermediated by international real estate consultancy JLL.
This was a one-of-a-kind opportunity to acquire two buildings and 11,500 m² in the best retail areas of Barcelona: Passeig de Gràcia street and Diagonal Avenue.
The most recent property acquisition on Passeig de Gràcia street before this was in 2017, when US firm Hines purchased the former headquarters of Banco Popular.
TRANSFORMATION AND REPOSITIONING PROJECT
Alting’s Project Management Department will be transforming and repositioning both projects to adapt the properties to new market demands. The plans will include improving sustainability while respecting the original architecture, in order to get the highest energy certifications and make the buildings competitive on the prime product market in the Catalan capital.
ABOUT THE BUILDINGS
Passeig de Gràcia 110 is an exceptional spot, at the corner with Diagonal Avenue. This building is almost fully leased out, with 5,000 m² on 10 above-ground floors. In this case, the work will be done gradually, starting with renovating the foyer and common areas to restore the building’s original splendor, as is befitting of its location and architecture.
Diagonal 431bis, in the most exclusive section of the road between Passeig de Gràcia street and Francesc Macià Square, has 6,600 m² on 11 above-ground floors and 2 levels of parking, which is partially leased. The building will undergo a full renovation, including renovating the foyer, common areas and offices to offer unique, attractive, sustainable spaces to entice national and international companies into the building, with the highest standards for prime office space.
The work will begin in the coming weeks and is scheduled to take roughly six months, finishing in the first half of 2025.
COMMITMENT TO PRIME OFFICE MARKET IN BARCELONA
Alting president Eduardo Marcos says that “by purchasing these two properties, we are further strengthening our commitment to the prime office market in Barcelona, a city where we have always seen great potential for growth and consolidation. We are sure that, with the right transformation project, these buildings will become benchmarks on the market, offering spaces that adhere to the highest standards of quality, sustainability and design”.
Plus, he explains how “this type of operation fits perfectly into our growth strategy and repositioning of prime assets. At a time when there is greater demand for offices in the city center, due to the return to physical presence and the attraction and retention of talent in high-quality buildings in the CBD, we remain committed to Barcelona as one of the most dynamic real estate markets in Europe”.
JLL Head of Capital Markets Barcelona Xavier Cotet adds, “It is one of the few real estate acquisitions in recent years in the Barcelona CBD, an area with very high demand where supply is scarce. This demonstrates JLL’s capacity to successfully support its clients in their real estate strategies”.
INVESTMENT ALIGNED WITH LONG-TERM STRATEGY
Purchasing these two buildings is part of the company’s broader strategy, which seeks to balance its investments in offices after recently transforming office properties for hotel use in Madrid. In this sense, Eduardo Marcos notes that “with nearly 11,000 m² in the most exclusive area of Barcelona, the combination of offices and retail space reinforces our asset diversification, minimizing risk and maximizing long-term performance”.
COMMITMENT TO THE FUTURE OF BARCELONA OFFICE MARKET
Acquiring 110 Passeig de Gràcia Street and 431bis Diagonal Avenue is part of Alting’s strategic growth plan, which focuses on creating value by purchasing properties in top locations and then transforming them through repositioning projects, making assets more profitable through innovative, sustainable management that adapts to current market demands.
With over 45 years of experience in the Spanish real estate market, Alting currently has several hotel, tertiary and residential projects underway in Barcelona and Madrid and is analyzing new acquisitions, mainly in those same cities.
For more information:
Alting Communication Department
comunicacion@alting.com
93 505 40 40 · www.alting.com
