University Of Chicago Sells HQ For 17m Euros

23 Dec, 2005, Barcelona

Global Real Estate Consultant Cushman & Wakefield Healey & Baker (C&W/H&B) has announced today the sale of the building property of University of Chicago located on Aragón, 271 in Barcelona, for approximately 17 million euros to Alting Group.

The emblematic building comprises 3,303 sq m divided over basement and seven floors located in one of the most exclusive commercial and residential areas of the city, very close to Passeig de Gràcia and Gran Via de les Corts Catalanes. Built at beginning of 20^th Century, the property was completely refurbished in 1994 and has been occupied ever since for educational and office uses.

Due to University of Chicago's decision to relocate its European campus to London and to sell its property in Barcelona, C&W/H&B has advised on the asset valuation, sale strategy and marketing process until closing. Alting Group has purchased an empty building except for four lease contracts.

According to Jason Clark, Associate from Cushman & Wakefield Healey & Baker's Capital Markets Group, "this sale shows the continuing demand to buy well located buildings in Barcelona with potential buyers studying the opportunity either to maintain the property as offices or to convert it to hotel or luxury residential uses. The interest generated has been spectacular".

Over the past few years, Cushman & Wakefield Healey & Baker's Spain Capital Markets team has structured the disposal and acquisition of many of Spain's prime investment properties. Clients include Metrovacesa, Servihabitat, Grupo Lar, Comsa Iosa, Bouygues, Layetana, Alstom, Redevco, AIG Lincoln and Standard Life Investments amongst others.

Cushman & Wakefield Healey & Baker (C&W/H&B) operates the European, Middle Eastern and African division of Cushman & Wakefield, the world's largest privately held real estate services firm , part of Rockefeller group. Founded in 1917, Cushman & Wakefield has 189 offices in 57 countries around the globe, and more than 11,000 talented professionals. The firm delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services.

The University of Chicago was founded in 1890 by John D. Rockefeller. With close to 12,500 employees and 78 Nobel Price winners, The University of Chicago has had a profound impact on American higher education; curricula across the country have been influenced by the emphasis on broad humanistic and scientific undergraduate education. It holds various international Centres in countries such as France, England, Korea, Taiwan and Australia.

Alting Group Estate Agency was established in 1977 with the creation of a solid company, distinguishing itself from the very beginning for its professional attitude, quality of management, efficiency and its capacity to add value to real estate as a result of its experience and minute attention to detail.

From its initial specialization in top quality properties, the Alting Group has gone on widening its areas of business. Currently its activity is carried out around three strategic points: the Real Estate Consultancy, Property Development and Capital Investments. Making up greater Integral Real Estate Organization. The Alting Group has an excellent team of professionals made up of experts in each of the different areas of activity that guarantee maximum quality of service, the best advice and most efficient management.

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