LaSalle sells one of Spain’s most sustainable office buildings after major refurbishment
MUNICH (January 23, 2020) — LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces the sale 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. LaSalle has sold the former tobacco warehouse to CBRE Global Investors, having acquired the property in late 2018 on behalf of a German pension fund.
LEED (Leadership in Energy and Environmental Design) certification is the most widely used green building rating system in the world. Platinum is the highest award available and this now indicates that General Lacy 23 is one of Spain’s most sustainable and environmentally friendly buildings.
The property is located south of Madrid’s central business district, in the Méndez Álvaro 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%.
Uwe Rempis, Head of Fund Management for Germany at LaSalle Investment Management, said: “We’re delighted to have harvested a strong capital gain and delivered stellar investment performance for our client through the sale of the General Lacy 23 office building. While we had intended to hold this asset for a longer period, this world-class refurbishment has generated considerable interest from the market. The refurbishment project reflected the extent to which addressing environmental change is driving our thinking on the future of real estate and the types of property in which we invest.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q1 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
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