MADRID-Leasing progress on the iconic Cuatro Torres has been sluggish despite a reduction in the asking rents of more than 25% since three of the towers were completed in September 2008 according to realtors.

At that time yearly asking rents were in excess of $55 per square meter. Four of Madrid’s prominent agency companies are offering accommodation in at least one tower, namely Jones Lang LaSalle, CB Richard Ellis, Knight Frank and Aguirre Newman. Sources within the agencies indicated that achievable rents for the upper floors in Cuatro Torres are about $41 per square meter and for lower floors are around $36 per square meter - although in most cases agents have been instructed to stop quoting an asking price.

The four towers comprise: Torre Caja Madrid (45 stories); Torre de Cristal (52 stories) Torre Sacyr Vallehermoso (52 stories) and Torre Espacio (53 stories). The average area of each is about 650,000 square feet, and they each offer an average floor plate of 13,450 square feet. Three of the towers have leasable office space, the other is occupied by a hotel.

The tower with the highest occupancy level is Torre Espacio, owned by Grupo Villa Mir, which has a number of embassy and consulate tenants. Although the Sacyr Vallehermoso tower mostly comprises a hotel, office accommodation amounting to 226,000 square feet remains vacant. Torre Cristal, owned by The Mutua Madrile