Development Plans Unfold for $80M Madrid Project

MADRID-Hines Interests is teaming with Madrid-based real estate developer, Monthisa to construct an $80-million, 215,000-sf, seven-story office building near Madrid’s downtown and the Barajas International Airport.

Construction on Edificio Portico will begin in early 2003. Delivery is planned for late 2004. The US architectural firm of Skidmore, Owings & Merrill will design the building along with Spanish architect Rafael de La-Hoz.

The Houston-based Hines entered Spain’s real estate market in 1996 when it bought 84 acres that are now being developed into a mixed-use project. Diagonal Mar consists of a shopping center, five residential phases, three hotels, three office buildings and the fourth largest public park in the city.

Santos Montoro, Monthisa’s real estate director, said in a press release that the teaming with Hines will “offer a building with high international standards that will be adapted to the needs and characteristics of the Spanish users.” The development tract is located near hotels, shopping centers, restaurants, convention centers, a public golf course and the 420-acre Juan Carlos I Park.