# Telefónica sale of Madrid headquarters

> Live situation record from CLSTR: https://clstr.news/situations/telefnica-sale-of-madrid-headquarters
> Updated: 2026-09-12T11:17:23.000Z. Sources: 10. Developments: 2.

Telefónica has completed the sale of its historic Madrid headquarters on Gran Vía to businessman Tomás Olivo. The transaction was finalized for approximately €200 million, a figure notably lower than the company’s initial target of €300 million.

The divestment is part of a broader strategy by Telefónica President Marc Murtra to reduce debt and increase liquidity by selling non-strategic assets. Olivo, who manages real estate through General de Galerías Comerciales, acquired the landmark building—the city’s first modern skyscraper—following a competitive bidding process. Due to high-level heritage protection by the Madrid City Council, the architectural and decorative elements of the 1929 structure must be preserved.

## Timeline

### 2026-09-12: Tomás Olivo acquires Telefónica building in Madrid

Spanish real estate magnate Tomás Olivo has purchased the iconic Telefónica building in Madrid for approximately 200 million euros.

5 sources. https://clstr.news/cluster/toms-olivo-acquires-telefnica-building-in-madrid

### 2026-08-31: Telefónica sells Madrid headquarters to Tomás Olivo

Telefónica has sold its historic Madrid headquarters to businessman Tomás Olivo for under €200 million as part of a strategy to reduce debt and fund new investments.

5 sources. https://clstr.news/cluster/telefnica-sells-madrid-headquarters-to-toms-olivo

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Cite as: Telefónica sale of Madrid headquarters. CLSTR, https://clstr.news/situations/telefnica-sale-of-madrid-headquarters