EastBanc puts new office building on the market

The US real estate developer EastBanc, which was behind the redevelopment of much of Lisbon’s Príncipe Real district, is to place a new office building onto the market.

It is the developer’s first office project in Lisbon and it will be located in the Avenida da Liberdade zone of the city, below Praça de Alegria.
The building was once the electronics store Dimofel which has been totally refurbished and will become Alegria 1 offering 2,500m2 of office space and a 400m2 shop on the ground floor.
According to Expresso, the property was purchased in 2008, and plans for the transformation of the building were made public in 2017.
Tiago Eiró, managing director of EastBanc in Portugal tells Negócios that the project is “still in the works phase but will soon be put on the market” after being completed in the third quarter of 2021.
On its website, EastBanc states “despite the building not being as palatial as the others in the EastBanc portfolio, Avenida da Liberdade 81/Praça de Alegria 1 is still a building full of history”.
Built over 100 years ago, the different divisions were rented out for different uses including housing, offices, doctors surgeries and shops. After its total refurbishment, the façades and original architectural details will be retained.
EastBanc is investing around €40 million in the Príncipe Real area over the next three to four years, where it already owns a series of properties and was involved in a number of refurbishment projects that have been completed.
Tiago Eiró says the company wants to invest more in prime-located office buildings as part of a portfolio diversification strategy.
The developer’s idea is to build housing, offices and larger-scale mixed-use projects — 20,000m2 or 30,000m2.