Press release Preply moving into “B97” in Barcelona
18.12.2024 • 3 Reading Time
- 150 sqm on three floors in the technology sub-market “22@ District”
- Dynamic economic development at location confirms the decision to invest was correct
The US company Preply is transferring its European headquarters to “B97” in Barcelona, occupying three floors with a total office space of approx. 4,150 square meters. This has been announced by Commerz Real, whose real estate fund hausInvest is the owner of the office complex at Calle Badajoz 97. Preply is a platform for online language learning with according to its own figures more than 50,000 tutors in 180 countries teaching over 50 languages to students across the globe. The leasing partner was Conren Tramway, the Spanish real estate investor and developer who developed the building. Commerz Real had acquired the property from the Spanish subsidiary of the international office property investor Conren Land at the beginning of 2020.
The twelve-storey building with a total leasable area of approx. 13,800 square metres is located in the so called “22@ District”, a former industrial area which has since been redesigned and transformed into a leading innovation and technology centre. With public infrastructure measures to the value of about 180 million euros “22@” is one of the most ambitious projects of its kind in Europe. Alongside a large number of start-ups, companies such as Amazon, Facebook, T-Systems and Oracle have also located here. According to data from the City of Barcelona, the number of highly qualified employees in the technology sector increased by 25 per cent in the Catalonia region in 2023 alone. In addition, the number of so-called tech hubs, the concentration of technology-heavy major corporations therefore, has increased four-fold to 140 in the past seven years – with the bulk of these now to be found in “22@”. Ten universities have opened new facilities in the district, while a total of nine new research and development centres have been established. According to the ranking by the research platform Startup Blink, Barcelona ranks among the five most attrac-tive cities for company start-ups in the European Union.
The twelve-storey building with a total leasable area of approx. 13,800 square metres is located in the so called “22@ District”, a former industrial area which has since been redesigned and transformed into a leading innovation and technology centre. With public infrastructure measures to the value of about 180 million euros “22@” is one of the most ambitious projects of its kind in Europe. Alongside a large number of start-ups, companies such as Amazon, Facebook, T-Systems and Oracle have also located here. According to data from the City of Barcelona, the number of highly qualified employees in the technology sector increased by 25 per cent in the Catalonia region in 2023 alone. In addition, the number of so-called tech hubs, the concentration of technology-heavy major corporations therefore, has increased four-fold to 140 in the past seven years – with the bulk of these now to be found in “22@”. Ten universities have opened new facilities in the district, while a total of nine new research and development centres have been established. According to the ranking by the research platform Startup Blink, Barcelona ranks among the five most attrac-tive cities for company start-ups in the European Union.
The dynamic development of the entire district was already tangible upon the acquisition of the property. The latest leasing success is further confirmation of this.
In addition to Preply other companies from the technology sector are tenants, including Seat Code, the centre of digital excellence for the Volkswagen Group, and Webfleet, the provider of a cloud solution for the tracking of company vehicles and for fleet management.
Alongside “B97” the Spanish portfolio of Commerz Real includes the neighbouring office building A160, which was also acquired from Conren Tramway in 2020 and completed in 2022, as well as the residential student complex “Pallars”, which is likewise located in “22@ District”, for the Commerz Real Institutional Smart Living Europe Fund.
Alongside “B97” the Spanish portfolio of Commerz Real includes the neighbouring office building A160, which was also acquired from Conren Tramway in 2020 and completed in 2022, as well as the residential student complex “Pallars”, which is likewise located in “22@ District”, for the Commerz Real Institutional Smart Living Europe Fund.
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Commerz Real and real estate