MAPFRE and Gmp have reached an agreement for the insurer to sell its building in the district of Chamberí in Madrid to the property development company for 71 million euros.

It has 14,424 square meters of GLA (gross leasable area) distributed over a total of 11 floors above ground, 10 floors of offices and the first floor retail space. A highlight of the building is its ample supply of 368 parking spaces on three underground floors.

In this building MAPFRE has the headquarters of the Madrid Regional General Management and the VERTI headquarters. The insurer will leave the office floors free on December 31, 2017 and will remain long term in most of the area of the building’s first floor retail space.

“For MAPFRE, this transaction is part of the rotation policy of real estate assets and the diversification of MAPFRE’s portfolio”, explained Melchor García García, General Manager of MAPFRE Inmuebles. Employees of MAPFRE Regional General Management in Madrid will move to another of the company’s buildings on Sor Angela de la Cruz street, also in Madrid, and VERTI employees shall move to a building, also owned by MAPFRE, on Doctor Esquerdo street in the Spanish capital.