CBRE Spain has advised Henderson Park on the sale of the landmark office building Los Cubos in Madrid to ATREA Real Estate for €91 million, following the completion of a comprehensive repositioning strategy.
Acquired in 2017, the asset has undergone a full brown-to-green transformation focused on upgrading the building’s design, technology, and sustainability credentials, while enhancing occupier experience.
The refurbishment included the modernisation of the façade, auditorium and interiors, alongside a complete technological upgrade. A wide range of amenities aimed at improving wellbeing has also been added, including new communal areas, the Faborit cafeteria, over 4,000 sqm of outdoor terraces, a gym and a padel court. The result is a landmark vertical campus combining design, functionality and sustainability.
The building, one of the most iconic office assets in Madrid, comprises approximately 19,600 sqm across nine floors and has achieved LEED Gold certification, reflecting its strong environmental performance.
Following its acquisition as a vacant asset, Henderson Park completed nine leasing transactions, building a diversified tenant base of internationally recognised occupiers including Kyndryl, the world’s largest IT infrastructure services provider, which relocated its Spanish headquarters to Los Cubos, Takeda, the global biopharmaceutical company, and Konecta, the AI-powered customer experience group.
The asset is currently 84% let.
Christophe Kuhbier, Head of Investments Europe at Henderson Park, commented:
“This sale marks the conclusion of our business plan for Los Cubos, which perfectly exemplifies Henderson Park’s value-add strategy and expertise in brown-to-green redevelopments. We acquired an iconic asset in 2017 with strong fundamentals and clear upside potential, and have since delivered a comprehensive refurbishment transforming it into a modern workplace with the technology, wellbeing and sustainability features demanded by today’s occupiers, while preserving its distinctive brutalist architecture. Our leasing success validates this approach, and we are pleased to hand over Los Cubos to its next owner.”
This transaction follows Henderson Park’s recent exit of the Islazul shopping centre in Madrid, sold to Castellana Properties for €340 million in February.
Henderson Park was advised by Rivoli AM, CBRE, Cushman & Wakefield, Ashurst and Deloitte. ATREA Real Estate was advised by Ecija, EY and PwC.
The transaction reinforces the strength of the Madrid office market and continued investor demand for well-located, repositioned assets aligned with ESG criteria.
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