Telefónica is studying the option of selling its historic headquarters on Gran Vía after receiving an unsolicited purchase proposal. According to sources of the American agency Bloomberg, conversations have been held within the company about the possibility of opening a sale process.
Although no decision has been made yet, the sources estimate that the value of the property would be between 250 and 300 million euros. On previous occasions, Telefónica’s management has been unwilling to sell this building, which they considered key to the company’s identity. Built 95 years ago, it was the first skyscraper in Spain and a symbol of the country’s technological development.
According to Bloomberg’s sources, no negotiations have been opened for a possible transaction, but they have been able to confirm that the company has received at least one purchase offer in recent weeks.
Since Marc Murtra assumed the presidency of Telefónica in January 2025, he has launched a new strategic plan to renew the company. On several occasions he has stated his ambition to consolidate the sector in Europe and has already accelerated the sale of some subsidiaries in Latin America. However, no decisions are expected to be made before this roadmap is complete.
Icon of modernity
Telefónica’s historic building, located at 28 Gran Vía in Madrid, was inaugurated in 1930. The project was the work of architect Luis Ignacio de Cárdenas, following the models of the great American skyscrapers of the time and the premises of International Telephone and Telegraph, the American company that created Telefónica.
At almost 90 meters high, it was recognized as the first skyscraper in Spain and brought an air of modernity to Madrid. Before the works were finished, it was already the protagonist of a historic event, as it hosted the first transoceanic call in 1929. From its facilities, King Alfonso XIII was able to converse with the then President of the United States, Calvin Coolidge, who was at the Washington Chamber of Commerce.
Since the 1930s, the building could house up to 1,800 employees, including the first female telephone operators, whose work has been portrayed in the series Las chicas del cable. It currently houses the main Movistar store and the Espacio Fundación Telefónica, dedicated to exhibitions, workshops, events and conferences.
The investment
Although it has not released further information, Bloomberg has contextualized this possible sale in the booming real estate market linked to the hotel sector. The sale of Telefónica’s historic building could be one of the largest real estate transactions in Madrid in recent years.
The American agency has recalled the large investments made by hotel chains in recent years. For example, Besant Capital acquired an office building on Gran Vía for 100 million euros and also the hotel Nobu, owned by the actor Robert de Niro, plans to open in this area in 2026.