From a building designed to house machines to a building designed for employee comfort. This was the maxim pursued by the remodeling of the building known as Estel, after more than a decade of disuse. The works on the old Telefónica headquarters, located at the confluence of Calàbria and Mallorca streets on Avenida Roma, have lasted two years, to convert this old concrete block into a modern thirteen-story building with 50,000 square meters for offices and commercial premises.
Designed by architect Francesc Mitjans in the 70s, for almost four decades it housed Telefónica's data center, until in 2011 they decided to move to the Fórum. The Estel building will see the light after more than fifteen years of disuse and abandonment, and multiple changes of ownership and failed projects, which planned to convert this building into a complex of 200 luxury homes or even a five-star hotel. It will do so hand in hand with the German real estate investment manager Freo and the Bain Capital Credit fund, who acquired ownership of this property at the end of 2021.
Like a star shining in the middle of the blue sky, the building will shine again in the heart of the Eixample, with more than 50,000 square meters of GLA and a renewed aesthetic, having transformed the old concrete block into a glass facade, which allows natural light to enter all corners of the building. The reform, designed by Albert Blanch, from the BCA Arquitectura firm, has opted to maintain the original structure, not only as a tribute to Mitjans, its creator, but also as a commitment to reduce environmental impact and reduce times and costs, prioritizing the remodeling of the facade over its demolition.
A commitment to sustainability that has also been noted in the incorporation of state-of-the-art technology to maximize climate efficiency. In addition to maintaining the original structure, the reform has also remembered Mitjans inside, naming floor -1 as Rambla Mitjans. This space has been designed as a meeting place and connectivity hub for the different tenants of the offices on the thirteen floors of the building, which are expected to house more than 4,000 employees in total. Although the firms have not confirmed the total investment, Daniel Mayans, general director of Freo in Spain, has pointed out that "the initial budget has been practically respected," which was estimated at 80 million euros.
"The building has been designed with the idea that the user can have all services in the same building, in addition to attracting young talent," highlights Gerard Beltri, asset manager at Freo. With the aim of promoting in-person work, especially after the trend of teleworking has substantially increased after the pandemic, the property brings together all the amenities for employees on this floor, from the canteen to multipurpose meeting rooms, including a large auditorium with capacity for 360 people ---a legacy of the old Telefónica, although remodeled---, lactation rooms, and even a gym and rooms for practicing yoga or meditation.
In addition to these amenities, the property also has another great attraction for its employees, a rooftop with panoramic views of all Barcelona, from which to observe everything from Barceloneta beach to Tibidabo. However, this will not be the only open space the building will have; an interior patio has also been designed, conceived as a small oasis in the heart of the city, which manages to completely silence the usual hustle and bustle of the Catalan capital, in addition to becoming an ideal place for breaks or informal meetings. On the other hand, it also has more than 400 vehicle parking spaces, distributed over four underground floors.
With a total leasable area of more than 50,000 square meters, the building has 65% of the space occupied, with a clear protagonist: AstraZeneca. The Anglo-Swedish pharmaceutical company, considered the fifth largest pharmaceutical company in the world by revenue volume, will install its innovation hub in the center of the Catalan capital, which will also house its Alexion subsidiary, focused on rare diseases. This innovation center will be the main tenant of the building, occupying more than half of the available space ---approximately 24,000 square meters---.
With an investment of 1.3 billion euros until 2027, the company strengthens its presence in the Catalan capital and will concentrate all its offices, currently distributed across several buildings in the city, in one space. The company's intention is to move in during the last quarter of this year, once the adaptation works of the eight floors where they will be installed have been completed, and to reach 2,000 employees, as AstraZeneca currently already employs about 1,300 people from Barcelona.
In addition to AstraZeneca, the building already has other confirmed tenants. The restaurants Honest Greens and Casa Carmen will be installed on the ground floor, which has 3,000 square meters of commercial and restaurant area. In this space, the American gym giant Planet Fitness will also land, occupying 1,700 square meters. Likewise, an agreement is also being finalized with an organic supermarket and another restaurant group, so currently a 350 square meter premises and another smaller one, about 30 meters, would remain free for commercial use.
Its owners trust that the building can become a boost for the neighborhoodWith thehub of AstraZeneca and the commercial premises practically rented, the property already has 65% of the occupation confirmed. For the rest of the spaces,the consultants CBRE and Savills, who lead the commercialization of the property,currently hold conversations with several companies to reach rental agreements, some of which are already very advanced. The lower floors, which are the ones that remain free, since AstraZeneca will be installed in the last ones, have an area of more than 5,000 square meters, a large area compared to the meters available in the Eixample offices, in addition to incorporating a small terrace each.
These would be companies of all sizes, from large multinationals that want to grow in Barcelona to smaller firms, although all of them represent "leading companies in their sector," as Beltri highlighted. Companies that mainly work in fields such as technology, research, health, or finance. All in all, the forecast is to reach full occupancy by the beginning of next year and for the workers of these companies to be able to move in throughout 2026, after the renovation of their respective spaces.
After the renovation, its owners trust that the building can become a boost for the neighborhood, "and can contribute to revitalizing the economic and social activity of the area," Mayans pointed out. A neighborhood that, in addition, in the coming years will be completely transformed, not only with the renovation of Estel, but also with the pacification of Avenida Roma, which plans to open a large civic square of 8,800 square meters in front of the property, in addition to a renovated Sants station by 2029.