IBA Capital Partners has completed the comprehensive refurbishment of its building at 13 Calle Hernán Cortés in Madrid, handing the property over to its new tenant, Red Bull España, which will occupy the space until 2034. The building, located near Calle Fuencarral, has 2,600 rentable square metres over four floors, eleven parking spaces and spacious common areas designed to meet Red Bull España's needs.
This move reflects the trend of operators preferring central locations to traditional business centres. The exclusive consultancy and marketing of the property was carried out by CBRE, which advised IBA Capital Partners on the leasing operation.
The completion of this project marks the effectiveness of an initiative that began in 2021 when IBA, together with its joint venture partner Naropa Capital, the investment arm of the Fernández Fermoselle family, acquired the building, previously the headquarters of the Madrid College of Industrial Engineers.
The project was launched at a time when the volume of office investment had declined and was being relegated in the investment strategies of the main players in the market. However, with the development of this project and the advice of CBRE in its marketing, IBA has exceeded rental expectations in the area, demonstrating a strong demand for a Grade A building in a central location and with a customised design for a high-end tenant, according to the company.
The founding partners of IBA Capital Partners, Jesús Valderrama and Thierry Julienne, have stated on several occasions that the office sector is changing and that, among other factors, "we will see a significant return to the centre of Madrid, with new models of implementation, adapting to the new trends of coexistence and work that modern society demands", and following a pattern that they have long identified in some of the world's major capitals.
