Born to reshape the entire industrial district of Poblenou in the Sant Martí district of Barcelona, the urban renewal there has attracted major names and big investments. The area now hosts prominent players like Mediapro, EFE, RTVE, Yahoo, Microsoft, T-Systems, and Indra. In 2017, Värde Partners, a leading North American fund, placed a substantial bet on this transformative space, underscoring the momentum behind the neighborhood’s revival.
Through a focus on non-residential assets, Dos Puntos Asset Management invested 50 million euros to acquire 54,000 square meters across several parcels. The plan included two expansive office complexes of about 22,000 and 23,000 square meters, 7,500 square meters designated for student dormitories, and the remaining 2,500 square meters set aside for residences; later, two parcels intended for housing were sold. These moves signal a strategy to balance flexible office space with living and student accommodations in a single, connected district.
The land holdings correspond to the One Parc Parc Central 22@ project, consisting of two standalone buildings. The first phase is expected to reach completion and be handed over by year-end. An investment of 40 million euros produced a 52-meter-tall tower spanning 33,616 square meters, with 12 office floors and three basement levels. This tower has already found a buyer in a Deutsche Bank affiliate, the asset manager DWS, which has paid 128 million euros for the property. This sequence demonstrates a pattern of high-value transactions anchored by modern, terrace-accessible spaces designed for both private and community use.
The developer and owner engaged Savills and Cushman & Wakefield to market the property, and discussions are currently advanced with two prospective tenants who may establish a presence there. Alfredo Laffitte Orti, managing director of Dos Puntos Asset Management, described the project in an interview with El PERIÓDICO DE ESPAÑA, noting that each floor is 2,000 square feet and that every tenant will have a private terrace, plus a communal penthouse area. These amenities emphasize a hybrid model aimed at fostering collaboration and flexible work arrangements within a distinctive, high-end environment.
The second complex began foundation work in May, resuming after a pause caused by the war in Ukraine and its ripple effects. Slightly larger than the first, this project carries a budget of about 50 million euros and is slated for completion in 2024. For now, it remains in development, relying on a mix of private funds and bank financing as the project progresses. Prospects for its future tenants remain under negotiation, reflecting ongoing market demand for well-located, amenity-rich office space.
One Parc Central 22@ sits in the northern portion of 22@, in close proximity to Avenida Diagonal. The area is characterized by limited buildable land; ownership is concentrated in the hands of a single family office that acquired the land from Realia for 18.5 million euros. The project spans four Ensanche blocks and envisions approximately 100,000 square meters of offices, hotels, residences, student housing, and the broader public sector facilities associated with the University of Barcelona and related civic amenities.
Not the only project
Värde Partners consolidated assets by acquiring the real estate division of Grupo San José and Parquesol, merging them with the organizer Via Célere. In 2017, the residential portion, now Via Célere, split from the non-residential assets that became Dos Puntos. The portfolio encompassed offices, logistics, and hotels with a rough valuation of 300–350 million euros. The partners directed a measured strategy to value the portfolio and sell it gradually, guided by a vision of steady liquidity and portfolio balance. [citation: company executives’ statements]
The initial focus was on office buildings in Portugal, where occupancy was around 60 percent. Reforms and tenant reorganizations lifted occupancy to roughly 90–95 percent, enabling subsequent sales. This approach mirrors a similar move in a shopping mall in Algeciras, where Inditex and Yelmo Cines were established and later sold for about 56.8 million euros. The emphasis on adaptive reuse and strategic repurposing has been a recurring theme in the group’s expansion playbook. [citation: market analyses]
Another major asset in the portfolio is a hotel collection, part of a Barcelona cluster that includes properties in Valladolid and Gijón, such as the Apollo Hotel in Barcelona. After a refurbishment and a strategic agreement with Meliá, the portfolio was sold between mid and late 2021, with the pandemic forming a backdrop for those negotiations. The sale illustrates how the group leveraged brand partnerships and timing to realize value across hospitality assets. [citation: corporate history]
Although many divestments have already occurred, the Barcelona project still accounts for more than 80 percent of the portfolio. There are ongoing development efforts elsewhere, such as a land plot for offices in Madrid’s Hortaleza area held in partnership with Buick Immobilier. In Valladolid, Las Laderas de Parquesol remains a focus with joint ventures involving Via Célere and San José. An additional office development is planned near El Prat Airport, with potential expansion of the former San José headquarters in Elche. The portfolio is described by Laffitte Orti as highly atomized, reflecting a spread of opportunities across multiple markets and asset classes. [citation: executive commentary]
Office market in Barcelona
The Barcelona office market is expected to absorb about 100,000 square meters of new space in the coming years. Last year alone delivered 12,000 square meters, with the Estel building adding 30,000 square meters under construction, 17,000 square meters in a pipeline, and 50,000 square meters in the design phase. The city’s total office stock stands around 2 million square meters. A CBRE report indicates that the average rent paid by tenants is about 15.25 euros per square meter, reflecting a notable rise from 2013 levels. [citation: CBRE market report]
In 2021, seven major transactions exceeded 100 million euros, and the average value of assets changing hands hovered around 56.9 million euros. Approximately 70 percent of the 2.51 billion-euro office market activity occurred in Barcelona, with most deals concentrated in the 22@ district. [citation: market statistics]