Bank of Portugal to build new HQ at Entrecampos in Lisbon

 In Bank of Portugal, Commercial Real Estate, Development, News

Portugal’s central bank, the Bank of Portugal, is in discussions with the insurance company Fidelidade over the building of its new headquarters on plots of land once occupied by the city’s fairground (Feira Popular) at Entrecampos in Lisbon.

According to online new source ECO which broke the story yesterday, the cost to the bank could be as much as €240 million based on the going rate for renting prime office space at €30/m2.

Negotiations between the Banco de Portugal and Fidelidade (owner of the Feira Popular land) are at an advanced stage, but not yet closed.

There are also technical aspects that are being evaluated by the central bank teams, taking into account the requirements of autonomy and security.

Banco de Portugal will be part a set of buildings that are also planned for that area, residential and office, which brings additional complexity that may be difficult to accommodate.

The supervisor will be looking at two options at the moment: concentrating everything on a space of up to 30,000m2 where the old amusement park was; or occupy only 10,000 meters and retain the Marconi Building, which is next door, and where the bank is planning to move temporarily. But the latest statements by Governor Mário Centeno point to a preference for the first option.

Currently, Banco de Portugal’s facilities are spread over four locations in Lisbon, where about 1,500 of the bank’s 1,700 employees work: the headquarters (Rua do Comércio), Edifício Portugal (Avenida Almirante Reis), Rua Castilho, and Avenida da República.

While the reason for the move has not been stated, costs savings by having all the bank’s operations under one roof may likely be one of them.