Spanish luxury real estate developer Impar Capital has acquired the former McKinsey headquarters in Madrid with plans to transform it into a high-end residential complex.
The historic building, designed by architect Luis de Landecho, is located in Calle Sagasta 31-33 in Madrid and was owned until now by the SOCIMI Colonial.
The project, valued at €100 mln and financed by Abanca, will begin construction next year with completion expected in two-and-a-half years.
Originally a palace-house, the 10,932 m2 building boasts three towers and facades spanning three streets (Sagasta, Covarrubias, and Plaza de Alonso Martínez), with more than 80 balconies. It is distributed over five floors and three basements and includes a parking lot with more than 97 spaces, added in the 20th century.
Impar Capital will preserve the structure's classic design elements while incorporating the latest amenities and services.
Roberto Perri, CEO of Impar Capital commented: ‘We have been one of the pioneers in the luxury market in Madrid. A year and a half ago we set some objectives and we are surpassing that path of fulfillment. Now with this latest purchase of Sagasta 31-33 we have put the accelerator on the luxury sector. We currently have three investment verticals: luxury residential, tourist apartments, and student residences.’
For her part, Carmen Panadero, managing director of Impar Capital, added: ‘This building becomes our flagship asset within the luxury residences sector, establishing a new milestone in the capital's high-end market. This project reflects our comprehensive commitment to sustainability and, therefore, will obtain BREEAM certification as a sustainable asset.’
The building is located in one of the most exclusive areas of the CBD and is very well connected to the public transport network, with six nearby metro stations, the Cercanías train station is just a 12-minute walk away and several bus stops are very close by.
