The skyline of Madrid's Salamanca district has remained largely unchanged for years, but that is about to change. In the coming years, the district will welcome its first major luxury residential skyscraper, Torre Castelló. The building will rise on the site of the former Ministry of Finance headquarters, located between María de Molina, Castelló, General Oráa and Núñez de Balboa streets.
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The complex will occupy the entire block that formerly housed the ministry headquarters and will comprise approximately 30,800 m² of buildable space in the heart of Madrid, one of Europe's most sought-after real estate markets. The tower will have 21 storeys and will contain a total of 158 luxury apartments.
Torre Castelló will also offer additional community facilities, including a student residence with around 400 rooms spread across its first two floors.
Another of the development's key attractions is its premium amenities, with more than 5,000 m² of communal areas that will include an indoor swimming pool, gym and spa with massage cabins, private lounges and even a golf simulator.
Quick sale
The project is being promoted by Grupo Lar and BlackRock, through the company Barnaby Investments. In 2023, Barnaby acquired the former state-owned property for €204.7 million in a public auction organised by the government after several unsuccessful attempts to sell it.
The total planned investment to transform the building is around €500 million, making it one of the largest luxury residential developments undertaken in Madrid in recent years.
The residences are being marketed by Colliers Real Estate, which is already selling units at a record pace through an off-market strategy. Conducted outside the usual sales channels, this approach is aimed at a select group of potential buyers.
