Telefónica cierra la venta de la sede de Gran Vía al empresario Tomás Olivo
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Telefónica has concluded the sale of its former corporate headquarters at Gran Vía to Murcian entrepreneur Tomás Olivo, one of Spain's richest individuals. The deal, initially agreed upon on May 21st, is expected to be finalized in the summer with a price range of around 200 million euros. Telefónica had initially valued the asset at 300 million euros, but several interested parties, including international funds, withdrew or made low offers due to complications related to the change of use.
The building, designed by Ignacio de Cárdenas and completed in 1930, is one of Madrid's most iconic properties, standing at 90 meters tall. Originally built to house 40,000 automatic lines, it now serves as the flagship commercial floor for Movistar and the former central offices of Telefónica. The building, which also houses Telefónica's largest and most emblematic store, measures 2,800 square meters.
The sale of the property is expected to result in the store's closure. The Spanish government previously carried out an urbanization recalculation affecting 48 of Telefónica's properties, but the historic headquarters remained unaffected. The sale's approval may require the future buyer to retain a significant portion of the building for its current use.
Written by urgent.news from Expansion ES's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
