A Spanish insurance mutual has acquired ODA 13, a recently built Grade A office building in Madrid’s Arganzuela district, from PERIAL AM in a transaction advised by JLL and BNP Paribas Real Estate.
Located at 13 Calle Fray Luis de León, the 4,300 sqm building was originally developed by Azora as a turnkey project for PERIAL AM. Designed by Ortiz. León Arquitectos, it comprises a ground floor and three upper floors, with two basement levels providing 75 parking spaces.
The property is fully occupied under long-term leases and holds LEED Platinum certification. Its amenities include three landscaped terraces, an internal courtyard and a rooftop garden with native species, designed to support employee wellbeing and networking.
The acquisition comes as investment in Spanish offices continues to recover. According to JLL, office investment reached €813 million in the second quarter of 2026, up 2.6% year-on-year, taking the first-half total to €1.77 billion, 92% above the same period in 2025.
Madrid accounted for 57% of all office transactions in Spain during the second quarter, compared with 43% for Barcelona. Arganzuela and Méndez Álvaro have become increasingly important corporate and investment locations, with the wider Central Zone accounting for 25% of Madrid’s total leasing activity and 29% of transactions in Q2.
Office vacancy in the area within the M-30 remains low at 4.71%, highlighting continued demand for central locations despite higher rents than in peripheral markets.
Javier Fernández, Director of Office Capital Markets at JLL Spain, said the transaction demonstrated the “depth and liquidity” of Madrid’s office market and the appeal of high-quality assets to different long-term investment strategies.
Benjamín Gómez, Director of Office and Retail Capital Markets at BNP Paribas Real Estate Spain, noted the Arganzuela-Méndez Álvaro submarket had consolidated its position as an extension of Madrid’s central business district, attracting leading companies and increasing investor interest.
