Axa revitalizes Madrid office complex Prado
Axa Real Estate is to extensively refurbish parts of its Prado office complex in Madrid. The Spanish construction company Acciona is to carry out the work.
The seven-story property, one of the largest office complexes in the center of Madrid, comprises three buildings: North, West and South. Forty-five percent of the total 60,000 square meters have been leased, including the entire north building. The remaining 55 percent in the south and west buildings are now to be upgraded, creating a total of 35,000 sqm of Grade A office space and 6,000 sqm of parking and storage.
The Prado's west building, which covers 21,000 square meters, will be completely redesigned inside, while the facade will remain. The south building, on the other hand, will be converted into a completely new office building. After the conversion, it will offer 14,000 sqm of high-quality office space and feature the same finishing standard as the neighboring West Building. Both parts of the building can either be used as separate office buildings or combined into one complex. Construction work will start in the third quarter of this year and is scheduled for completion by mid-2017. (ah)
