Sacyr leases 21,000 m[sup]2[/sup] in Madrid tower to PwC

Testa, the rental property arm of Spanish group Sacyr Vallehermoso (SyV), has announced the leasing of 17 floors within its office tower at the Cuatro Torres business district of Madrid to PricewaterhouseCoopers. The lease agreement brings the occupancy rate in the building to 100%.

PwC has agreed to occupy 21,000 m² of space in the skyscraper located on the Paseo de la Castellana avenue of the Spanish capital. The deal will allow the services group to relocate its 2,300 staff to one location, from the current three sites at Castellana, Almagro and Torrelaguna. PwC will take possession of the building between July and August of 2011.

The transaction lifts the prospects for Madrid's Cuatro Torres development site which has seen little occupier activity in the past two years as a result of the financial crisis. The area, which aims to become the new financial district of the Spanish capital, is seeing the development of four office skyscrapers totalling 114,000 m² but until recently over 80% of the space remained vacant.