Five new tenants for Pórtico: Union Investment lets space in Madrid

At MIPIM 2007, it was awarded “Best Office Building”. Now landmark Madrid property 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 the year. Except for a small amount of remaining space, Union Investment was 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 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 tenants. Union Investment was advised by Cushman & Wakefield on all the deals.

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 UniImmo: Germany since the end of 2008.