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Hines begins renovation of Barcelona's iconic Diagonal Tower 407

The well-known investment, development and property manager Hines started renovation work on Torre Diagonal 407, and the investment will be around 20 million. Last year the U.S. real estate company bought the 11,500 sqm office asset from Banco Sabadell for about 90 million euros. The transaction was specifically completed a year and a half ago, in December 2021.

The building is located at the confluence of Barcelona's Diagonal Avenue and Balmes Street, and is 83 meters high and has 24 floors. New services to be added with the renovation include a sky lobby, gym, lockers, bicycle parking, meeting rooms and two outdoor terraces on the third floor and rooftop.

Some of the renovations also include double glazing and an air chamber to enhance energy efficiency. These energy renovations are expected to achieve LEED, Well, WiredScore and SmartScore certifications. The project is expected to be completed in the third quarter of next year.
Banco Sabadell currently occupies four of the floors, and after the refurbishment, they will continue to be occupied by the bank. On floors 0 and 1 will be its private banking hub; on the second floor will be the regional management of Catalonia, and floor 22 will be used for the bank's chairman's office.

The building was designed by architects Santiago Balcells and Francesc Mitjans. Hines executive Simone Pozzato said the building has been the headquarters and home of Banco Sabadell since 1969. And now, for the first time in 50 years, it will be available for commercial rental.

Hines, during the project, is being advised by architecture firm Batlle i Roig and interior design firm Buckley Gray Yeonman.

Vanessa Gelado, director of Hines, said: "We arrived in Barcelona in 1997 with our transformative Diagonal Mar project and we are very excited to reinforce our proposal in the city with Torre Diagonal 407".

He further adds "Since the acquisition, we have worked tirelessly on our vision, with our goal being to offer the best office space for future tenants, framed by a clear commitment to sustainability and energy efficiency, which is a key focus for all of our projects."