In December 2021, the Hines European Core Fund (HECF) acquired Diagonal Vertical, one of Barcelona’s most iconic office buildings. The building, located on Avenida Diagonal, 407, at the intersection with Calle Balmes, measures 11,823 square meters above ground level, is 83 meters high, and boasts 22 office floors. Along with the sales agreement, Hines and the buildings' major tenant, Banco Sabadell, have entered into a lease agreement that will allow the bank to remain temporarily at the property, its former main corporate office hub in Barcelona, until early 2023. From then on, Banco Sabadell will occupy four floors including its main commercial branch and private banking office in the city for the long term.
Following the agreement, Hines will carry out a comprehensive refurbishment of Diagonal Vertical following the highest quality standards to maintain the unique character of the tower and transform it into a Class A asset. The building will target LEED Platinum or BREEAM Excellent certification and class A energy efficiency to meet the workplace demands of future tenants. Once the property is renovated, Hines plans to lease part of the office space on a multi-tenant basis.