LaSalle Investment Management has disposed of General Lacy 23, a heritage building in Madrid, which has become the first office building in the country to be given LEED Platinum green building status following a major refurbishment. The company has sold the former tobacco warehouse to CBRE Global Investors, having acquired the property in late 2018 on behalf of a German pension fund. The purchase price was not disclosed.
The property is located south of Madrid’s central business district, in the Mendez Alvaro district. It offers close to 7,000m² of office space and is fully occupied by Repsol Electricity and Gas HQ, part of the Spanish oil company. The sale was completed against a backdrop of rising demand for commercial real estate in Madrid, with vacancy rates having dropped 3% from their 2014 peak to 9.3%.