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Telefónica closes the sale of its historic headquarters in Gran Vía to Tomás Olivo for 200 million
Spain🏛️ PoliticsCenter9/2/2026

Telefónica closes the sale of its historic headquarters in Gran Vía to Tomás Olivo for 200 million

Telefónica has sold its historic headquarters located at number 28 on Gran Vía to property businessman Tomás Olivo for 200 million euros. The sale was finalized this Tuesday, according to insiders familiar with the transaction who spoke exclusively to CincoDías. This marks the end of Telefónica's long-standing presence at the iconic location, which had been its first and most significant office space. The deal reflects ongoing trends in urban real estate and corporate relocations. The buyer, Tomás Olivo, is known for his involvement in major property transactions.

Telefónica has completed the sale of its historic headquarters on Gran Vía, number 28, to businessman Tomás Olivo for more than 200 million euros. The transaction was finalized this Tuesday, according to sources close to the deal, as reported by Cinco Días and confirmed by El Periódico. The building, located in central Madrid, marks the end of a long chapter for the telecommunications giant. The sale comes amid Telefónica’s strategy to divest non-strategic assets and focus resources on core markets. The company has been accelerating its exit from Latin America, having sold seven subsidiaries in less than a year, including operations in Argentina, Peru, Ecuador, Colombia, Uruguay, Chile, and Mexico. As part of its new strategic plan, Telefónica aims to streamline operations and enhance profitability by concentrating on key regions: Spain, the United Kingdom, Germany, and Brazil. The building at Gran Vía, 28, is a landmark with over a century of history. Constructed in 1926, it stands 90 meters tall and was once the tallest building in Europe until the 1950s. Designed by architect Ignacio de Cárdenas, it features a pioneering steel structure and a neobaroque style. The site played a notable role in Spanish history, hosting the first telephone call between Spain and the United States in 1928, involving King Alfonso XIII and U.S. President Calvin Coolidge. During the Spanish Civil War, the building became a reference point for the front lines and suffered damage from artillery fire. Today, the property houses the largest Movistar store in Spain, along with a cinema, TV studio, recording studios, gaming space, and the Movistar Café. It also hosts exhibitions by the Telefónica Foundation. The building spans approximately 33,000 square meters and enjoys high architectural protection status, which restricts potential changes in use and requires recategorization for any transformation. The acquisition by General de Galerías Comerciales, through which Tomás Olivo operates, represents a major step in the real estate firm’s growth plans. The company has announced investments totaling around 1.5 billion euros for new projects and expansions, including Valdebebas Shopping in Madrid, Infinity Shopping in Valencia, and developments in Málaga and Alcorcón. These initiatives aim to add over 660,000 square meters of leasable space to their portfolio.

How this report was made. Objective News wrote this report from 2 source articles, using AI-assisted synthesis under our methodology. It is our own text, not a copy of any single outlet. Read our methodology.

Responsible editor: Matej BašaSpotted an error? Report it

2 reports

El País logoEl PaísIndependent🔒CenterFactual 80Objective 859/2/2026
Telefónica closes the sale of its historic headquarters in Gran Vía to Tomás Olivo for 200 million

Telefónica has sold its historic headquarters located at number 28 on Gran Vía to property businessman Tomás Olivo for 200 million euros. The sale was finalized this Tuesday, according to insiders familiar with the transaction who spoke exclusively to CincoDías. This marks the end of Telefónica's long-standing presence at the iconic location, which had been its first and most significant office space. The deal reflects ongoing trends in urban real estate and corporate relocations. The buyer, Tomás Olivo, is known for his involvement in major property transactions.

Bias read (Center): The article reports on a commercial real estate transaction involving a major corporation and a private individual. There is no explicit political commentary, framing, or emphasis on ideological positions. The content focuses purely on the business transaction without any apparent slant toward one政治

Why factuality (80): This article confirms the sale of Telefónica’s historic Gran Vía headquarters to Tomás Olivo for 200 million euros, citing sources from CincoDías. The specific address (número 28) adds contextual detail, enhancing factual clarity. The information matches the consensus from the first article.

Why objectivity (85): The article maintains an objective tone, using phrases like 'finalmente se desprende' which is neutral, and attributes the information to reliable sources without injecting personal commentary or emotional language.

El Periódico logoEl PeriódicoIndependentCenterFactual 75Objective 809/2/2026
Telefónica closes the sale of its historic Gran Vía headquarters in Madrid to businessman Tomás Olivo for more than 200 million

Telefónica has sold its historic headquarters on Gran Vía in Madrid to businessman Tomás Olivo for more than 200 million euros. The sale marks the end of a long-standing presence of the telecommunications giant in the city's iconic commercial district. The building, which has served as Telefónica's main office for decades, is now set to change hands under new ownership. The transaction highlights ongoing shifts in corporate real estate holdings and the evolving landscape of Madrid's business sector.

Bias read (Center): The article presents a factual report on a corporate real estate transaction without overt ideological framing. While the sale involves significant financial figures and changes in property ownership, there is no explicit commentary on the implications for public policy, government regulation, or政治立

Why factuality (75): The article reports that Telefónica sold its historic Gran Vía headquarters in Madrid to Tomás Olivo for over 200 million euros. This aligns with the cross-source consensus as both articles mention the sale price and the parties involved. However, the exact figure is stated as 'más de 200 millones'

Why objectivity (80): The article presents the information in a neutral tone, focusing on the transaction details without expressing personal opinion or bias. It uses straightforward reporting style typical of journalistic writing.

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