London/Madrid, 24 April 2023 – Henderson Park, the private equity real estate firm headquartered in London, announces that it has let nearly half of the iconic Los Cubos office building in Madrid to Kyndryl, the world’s largest provider of IT infrastructure services with thousands of business customers in more than 60 countries. Kyndryl has agreed a long term lease and will relocate its Spanish headquarters to Los Cubos.

Kyndryl will occupy the property’s first four floors, including a 1,000 sqm private terrace. Kyndryl’s employees will also benefit from access to the building’s numerous communal spaces, which include additional outside terraces, 3,500 sqm of green spaces, a restaurant, a padel court, gym and changing rooms as part of a rich wider amenity offering.

Originally built between 1976 and 1981, Los Cubos is one of the best known and most recognisable office buildings in Madrid thanks to its iconic Brutalist architecture. Since acquisition by Henderson Park, and in line with the firm’s value-add strategy, it has undergone a comprehensive brown to green refurbishment to modernise the façade and interiors and overhaul the asset’s technology, wellbeing and sustainability credentials, as demonstrated by its achievement of a LEED GOLD certification.

Los Cubos comprises 19,500 sqm of space over nine storeys with 4,000 sqm of external terraces. The building also benefits from excellent transport connectivity, located within ten minutes’ walk of two metro stations, while positioned at the junction of the M-30 and the A-2 highways.

Kyndryl is the first tenant at the new and improved Los Cubos, with active discussions underway for the remaining available space across the property’s five upper office floors, which includes three private terraces offering outstanding views over the city.

Christophe Kuhbier, Managing Director at Henderson Park, commented: “Los Cubos is a unique and instantly recognisable building on the Madrid skyline, refurbished into a Grade A office asset that meets the requirements of modern tenants who place increased importance on the sustainability, wellbeing and technological performance of their workspace. This successful development is another example of Henderson Park’s strong retrofitting credentials, with comprehensive sustainability-led refurbishments a central theme to our broader value-add strategy.

“There remains an acute undersupply of high-quality office space in Madrid and Kyndryl’s decision to relocate its Spanish headquarters to Los Cubos is testament to the asset’s exceptional standard.  It also demonstrates the continued desire amongst leading companies to occupy best-in-class, attractive office space that encourages cooperation and collaboration. We look forward to welcoming other tenants as we complete our journey with Los Cubos.”

Cushman & Wakefield and Rivoli Asset Management acted as commercial advisers and Ashurst and Ceca Magán as legal advisors.


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