May 13, 2026Henderson Park agrees to sell iconic Los Cubos office in Madrid for €91 million following comprehensive refurbishment
- Asset acquired by ATREA Real Estate
- Since acquiring Los Cubos in 2017, Henderson Park has successfully undertaken a major brown-to-green refurbishment of the iconic brutalist office and increased occupancy to 84%
- Works included the modernisation of the façade and interiors and an overhaul of the asset’s technology, wellbeing and sustainability credentials
Madrid/London, 12 May 2026: Henderson Park, the international real estate investment manager, has exchanged contracts on the sale of Los Cubos in Madrid to ATREA Real Estate, a Madrid‑based real estate investment platform led by Luis López de Herrera‑Oria, for €91 million.
In line with Henderson Park’s value-add strategy and leveraging its expertise in undertaking brown-to-green redevelopments of well-located offices with good underlying fundamentals, the firm has completed a comprehensive modernisation of the iconic brutalist building to create a vertical campus. The refurbishment works have comprised upgrading the office’s façade, auditorium and interiors alongside a thorough technological overhaul and the addition of amenities designed to enhance occupier experience and wellbeing. The amenities include new communal areas, the Faborit cafeteria, over 4,000 sqm of external terraces, a gym and a padel court. The works have also prioritised significantly improving Los Cubos’ sustainability credentials, achieving a LEED Gold certification.
Following the successful delivery of these improvements and having acquired the building vacant, Henderson Park has completed nine lettings that have established a strong and diverse base of globally recognised occupiers including Konecta, the AI-powered customer experience group, Takeda, the global biopharmaceutical company and Kyndryl, the world’s largest provider of IT infrastructure services, which relocated its Spanish headquarters to Los Cubos.
Los Cubos remains one of the most recognisable office buildings in Madrid and now comprises 19,600 sqm of space over nine storeys and is 84% let.
Christophe Kuhbier, Head of Investments, Europe, at Henderson Park, commented: "This sale marks the conclusion of our business plan for Los Cubos, which perfectly exemplifies Henderson Park's value-add DNA and expertise in executing brown-to-green redevelopments. Marking our entry into the Spanish market in 2017, we acquired an iconic asset with sound fundamentals and scope for improvement. We have subsequently delivered a comprehensive refurbishment that has transformed the office building into a modern workplace with the technology, wellbeing and sustainability features that today's occupiers demand, while ensuring we preserved and celebrated the building’s unique brutalist design. Our leasing success validates this approach and we're pleased to pass Los Cubos onto its next steward."
This latest exit follows the sale of the Islazul shopping centre in Madrid to Castellana Properties for €340 million in February.
Henderson Park has been advised by Rivoli AM, CBRE, Cushman & Wakefield, Ashurst and Deloitte. ATREA Real Estate was advised by Ecija, Ernst & Young y PwC.
