Negotiations Surround One of Barcelona’s Largest Office Properties
In the Catalan capital, talks are underway about a potential change of ownership for one of the city’s most prominent business centers. InmoCaixa, a subsidiary of Criteria, is in negotiations to acquire the Estel complex, which occupies a significant area in central Barcelona. The deal could be worth up to €400 million, making it the biggest office property transaction in Spain in 2025.
Building History and Transformation
The Estel complex previously served as the headquarters for a major telecommunications operator, but after the company relocated, the building stood vacant for a long time. In 2021, it was acquired by Freo and Bain Capital Credit, who invested heavily in a complete renovation. With the help of architecture studio BCA, the site was fully modernized and reintegrated into the urban landscape. Today, the complex stands on Avenida Roma, between Viladomat and Calabria streets, covering more than 50,000 square meters.
Current Tenants and Commercial Activity
The building now houses offices of international companies, including the pharmaceutical giant AstraZeneca, which recently opened its global digital center here. Other firms in the complex include Codeway and SII Group. The ground floor features shops and restaurants from well-known brands such as Casa Carmen, Honest Greens, Santa Gloria, Veritas, and Planet Fitness. While some spaces are still available, the complex is expected to be fully leased by early 2026.
Development Plans and Deal Outlook
The Barcelona municipality is planning a major redevelopment of the surrounding streets, with work set to begin in 2026 and finish by spring 2027. This is expected to boost the complex’s appeal and market value. Unlike other prestigious business areas such as 22@ or the central business district, Estel is located outside traditional office clusters, giving the property a unique position on the market.
The significance of the deal for the real estate market
If the negotiations are successful, it will strengthen Barcelona’s status as one of the country’s leading office property hubs. Interest from major institutional investors highlights the strong potential of such assets—fully renovated and situated in strategically important parts of the city. The deal is expected to set a benchmark for future investment in the sector.
