Zurich to Sell Downtown Madrid Offices for About €100 Million
This article is for subscribers only.
Zurich Insurance Group agreed to sell its iconic office building in downtown Madrid to a Spanish investment fund for about €100 million ($107 million), underscoring the robust demand for real estate in the city.
Investment firm Besant Capital has made a binding offer for Edificio Zurich, located at Alcala 44 next to the Spanish central bank, according to people familiar with the matter, who asked not to be identified because the talks are private. Completion of the deal is expected in the coming days, the people said. Spokespeople for Zurich and Besant declined to comment.