Real estate investment firm, Henderson Park, has sold one of Madrid’s most recognisable office buildings to Atrea Real Estate for €91m.

The Los Cubos building, widely known for its iconic Brutalist style, comprises 19,600sqm of space over nine storeys.

Since acquiring Los Cubos in 2017, Henderson Park has undertaken a major brown-to-green refurbishment of the iconic building and increased occupancy to 84%, the firm said in a statement.

The refurbishment works comprised upgrading the office’s façade, auditorium and interiors alongside a thorough technological overhaul and the addition of amenities designed to enhance occupier experience and wellbeing, Henderson Park added.

Christophe Kuhbier, head of investments, Europe, at Henderson Park, said the sale marked the conclusion of the company’s business plan for Los Cubos.

“Marking our entry into the Spanish market in 2017, we acquired an iconic asset with sound fundamentals and scope for improvement,” Kuhbier said. 

“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.”

Atrea is a Madrid‑based real estate investment platform headed by Luis López de Herrera‑Oria.  

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