Telefónica Sells Historic Madrid HQ to Retail Investor for €200M

Telefónica has completed the sale of its historic headquarters on Gran Vía in Madrid, according to multiple Spanish news outlets. The buyer is businessman Tomás Olivo, and the deal is valued at approximately €200 million.

Idealista first reported the transaction, with Cinco Días, Expansión, Málaga Hoy, and Granada Hoy also confirming the sale. The property, long associated with Telefónica’s corporate identity in the Spanish capital, has now changed hands after a process that several outlets described as closed or signed.

Tomás Olivo is known in Spain as the owner of shopping centres including La Cañada and Nevada, as reported by Málaga Hoy and Granada Hoy. The purchase adds a landmark office building in central Madrid to his portfolio, though no plans for the site have been disclosed in the reports.

The sale marks the end of an era for Telefónica, which had used the Gran Vía building as its symbolic home for decades. The company has been shedding real estate assets in recent years as part of broader cost-cutting efforts, a trend noted across Spanish business media.

telefónica

Financial details were not fully broken down in the available reports, but the figure of around €200 million appears consistently across all outlets. Neither Telefónica nor Olivo has issued a public statement beyond the transaction confirmation.

What to watch next: whether Olivo will repurpose the building, potentially for retail or hotel use, or lease it back to Telefónica for a transitional period.