Savills Offices Investment department was responsible for the sale of Malhoa 17 Building to Bizau. This asset, located in the centre of Lisbon, has approximately 3,800 sq m spread over 5 floors.

In addition to the building transaction, Savills is responsible for Sustainability Consultancy, BREEAM Refurbishment and Fit Out Assessment services through its ESG & Sustainability department, as well as the development of the building refurbishment project, the fit out of the offices and the change management process through its BPC & Architecture department.

This operation shows that although the office investment market has faced substantial challenges since the pandemic, resulting in a significant reduction in the capital allocated to this segment, the scenario is now beginning to display signs of recovery, although this has not yet been directly reflected in the number of transactions carried out. Lisbon, in contrast to other European cities, recorded office occupancy in the first half of 2024 that was 40% higher than the average of the last five years, confirming the dynamism and maturity of this sector in the city.

The high levels of pre-letting underline the resilience of the occupational market, showing that companies are increasingly aware that guaranteeing quality office space in line with the strictest ESG criteria requires advance planning to ensure its availability.

Bizau Capital Partners, through its Executive Director Francisco Carmona, said: “The completion of the acquisition of this asset follows the presentation of this business opportunity through the mediation of Savills. The architectural project is being developed in close collaboration between Bizau Capital Partners and Savills BPC & Architecture department. Through this partnership, the best solution in terms of layout was identified for the occupation of this office building, as well as the definition of the project and design of the most efficient fit-out solution and BREEAM In-Use certification. The appropriate cost framework was decisive in creating the conditions of attractiveness and comfort for us to embrace this business, which will once again leave the mark of our Bizau DNA: ‘Business as unusual’ in the implementation of Value Add investment strategies, i.e. rehabilitating and transforming a building that has been vacant and unused for several years into an income-producing asset in an area close to the CBD.”

Frederico Leitão de Sousa, Head of Offices at Savills, emphasises: “The realisation of this transaction would not have been possible without Bizau’s efficient, pragmatic and swift approach, which confirmed our vision of the proposed operation in the context of the significant retraction in investment in the office segment that has prevailed since the pandemic. This acquisition shows us that the excellent performance of the occupational market has a positive impact on the investment market.”

Joana Rodrigues, BPC & Architecture Director at Savills, says: “It's gratifying to be able to breathe new life into a building that has been unused for several years. Developing this type of refurbishment project offers us the unique opportunity not only to recover a physical space, but also to adapt it to contemporary market demands, ensuring that it fulfils the highest standards of sustainability and functionality.”