Cuatrecasas counsels Zurich on Real Estate sale

Cuatrecasas has advised global insurer Zurich on the sale of an office building in Madrid currently leased to the Family Courts

The insurance company Zurich has sold an office building located on Calle Francisco Gervás, 10 in the Spanish capital, which currently houses the headquarters of the Community of Madrid’s Family Courts. The transacted asset spans almost 8,000 square metres distributed over 14 above-ground floors and another three underground, which have the capacity for 158 parking spaces.

The sale of this building, located 100 meters from the Paseo de la Castellana, the main the of Madrid, is a confirmation that prime locations continue to be the target of national and international investors in the area.

The transaction was advised by Savills Aguirre Newman, with Cuatrecasas as the seller´s legal advisor. The transaction value and the new owner have not been disclosed. The property was put up for sale in August and its value was estimated at €70 million before the COVID crisis.

Cuatrecasas advised Zurich with a Barcelona office team formed by M&A partner Bernat Mullerat (pictured left), Tax partners Álvaro Escuder (pictured top right) and Meritxell Yus (pictured bottom right), M&A associate Lluís Puig and junior associate Sergio Morales.