Porto's MUTUAL Building Fully Leased to Deloitte and Sold in Landmark Deal
The office market in Porto is demonstrating significant vitality with the comprehensive renovation and subsequent sale of the MUTUAL building, which is set to become the new headquarters for Deloitte. Located on Rua Gonçalo Sampaio, in the prime area between Boavista and Campo Alegre, the property underwent a full rehabilitation with an investment exceeding €35 million, establishing a new corporate landmark in the city. The building has now been sold to the BPI Imofomento fund for an undisclosed sum. The dual transaction was advised on a co-exclusive basis by Cushman & Wakefield (C&W), representing developers Osborne+Co and Adriparte. The operation involved first securing a full lease of the building to Deloitte, which will accommodate over 600 employees, followed by the sale of the asset to BPI Gestão de Ativos. The acquisition was made by BPI Imofomento, an open-ended real estate investment fund, marking the fund's largest single operation in the north of the country and reinforcing its strategy of investing in prime locations beyond Lisbon. Formerly occupied by the insurance company Ageas, the Edifício Mutual has been transformed into a state-of-the-art office space. The building spans a total area of 10,300 square meters over seven floors, complemented by over 1,400 square meters of external areas. Key features include a rooftop terrace with views of the Douro River and the Atlantic Ocean, 144 parking spaces, changing rooms, green spaces, and infrastructure for bicycles. The architectural design was led by the Openbook studio, with project management overseen by Alphalink. The building has achieved high standards of sustainability and wellness, earning both LEED Gold and WELL Gold international certifications. It incorporates sustainable solutions such as solar panels and chargers for electric vehicles, promoting a modern and people-centric work environment. The total combined investment from all parties involved in the project is reported to exceed €50 million. With the property fully leased to a high-caliber tenant like Deloitte, it now represents a new source of stable income for the participants of the BPI Imofomento fund. Maria João Pinto, a senior consultant at Cushman & Wakefield in Porto, described the project as “an excellent example” of providing integrated, 360-degree real estate solutions. She further commented that the deal “represents the return to this city of institutional investment in offices,” a significant indicator of market health and investor confidence in Porto. Discover emerging areas and local opportunities at realestate-lisbon.com.
