Benson Elliot, the UK-based private equity real estate fund manager, has let 6,800 sqm (73,200 sq ft) in its newly-built Cornerstone office development in Poblenou, Barcelona, to ADP, a global leader in outsourced services and human resources management. The letting is the largest in Barcelona in more than a year, and represents a further sign that this Spanish city is turning the corner on the global financial crisis.
Cornerstone is located in the heart of Barcelona’s modern business district of 22@, close to the crossing of Poblenou’s two principal thoroughfares: Avenida Diagonal and Avenida Pere IV.
ADP has taken a seven year lease at Cornerstone, and will occupy floors 1 to 6 of the project’s Building B. The company’s intention is to consolidate 400 staff from various Barcelona-area offices into a new Diagonal-Parc Central headquarters.
Benson Elliot agreed to forward purchase the 20,700 sqm Cornerstone office development from Banco Sabadell subsidiary Solvia in 2011, in a joint venture with Bream Real Estate. At the time few were willing to make such a significant – and indeed speculative – commitment to Spain’s real estate sector. Three years later Cornerstone represents the only major new office project expected to deliver space for occupation in Barcelona in 2014, even as the city finds itself increasingly undersupplied in terms of new Grade A provision.
Trish Barrigan, Senior Partner at Benson Elliot, commented: “Benson Elliot acquired this asset with the recovery in mind, but not yet in view. We recognised the stand-out quality of the project – in a city that remains a magnet for international business – and could see the dearth of competitive supply in the pipeline. This letting to ADP, and the level of interest we are seeing from other potential occupiers, validates our early decision to move forward with the project. It is also satisfying to see renewed investment interest in Barcelona, and in Spain more broadly.”
Cornerstone is one of Barcelona’s most design-efficient developments, having been conceived with occupiers in mind. The buildings provide efficient, open-plan floor-plates set around a 2,100 sqm communal plaza. Locally sourced materials, showers and changing rooms for staff, free electric vehicle charging and DALI intelligent lighting controls underpin the project’s commitment to sustainability. Recognising that commitment, the building was at completion awarded Barcelona’s first ever LEED Gold certificate for an office building.
International real estate consultant Cushman & Wakefield who advised on the letting will be providing a full fit-out service for ADP and will oversee the ongoing property management for Cornerstone.
Information on Cornerstone Poblenou: www.cornerstonebcn.com
For Further Information:
Bream Real Estate is a pan-European real estate asset manager and local partner network. The local Spanish team has been operating since 2004, and specializes in acquiring and managing value-add opportunities on behalf its capital partners, especially focusing on the office and residential markets nationwide. www.breamrealestate.com
With revenue surpassing 7,300 million euros and more than 60 years of experience, ADP provides a service for approximately 600,000 clients in over 125 countries. One of the largest international outsourcing service providers (BPO) and human resource managers (HCM), ADP offers a wide range of integrated solutions for HR, payroll, talent management, tax and benefits administration, and helping customers to comply with legal and legislative changes. ADP also provides computer and IT solutions for car, lorry, motorcycle, ship, recreational and heavy goods vehicle dealers. In Spain they have offices in Barcelona and Madrid.
About Cushman & Wakefield
Cushman & Wakefield is the largest international private equity real estate consultant. The company advises and represents their clients throughout the entire occupancy and property investment process, and has achieved a prominent position in the key international markets. Proof of this is in its frequent involvement in many of the important operations regarding property rental, sales and project management.
Founded in 1917, with headquarters in the United States, Cushman & Wakefield has around 250 offices in 60 countries, and a workforce of more than 16,000 professionals. It offers a wide range of services for all types of properties, including rentals, sales and acquisitions, equity, debt and structured finance, corporate financing and investment banking, corporate services, property management, equipment management, project management, consulting and evaluation. The company controls projects throughout the world valued at over 2.9 billion euros (4 billion dollars). Recognised as a leader in real estate research at a local and global level, the company publishes market data and research at: www.cushmanwakefield.com/knowledge.