Torre Castelló is a conversion of a former Spanish Ministry of Finance office building at María de Molina 50 in Madrid’s Salamanca district. The project will turn the offices into 158 luxury homes and a student residence, combining residential and student accommodation in one redevelopment.1
The scheme is identified by Brains Real Estate News as the largest residential refurbishment project in its 2026 data. Its report says the works’ licence declares a €29 million execution budget for the residential conversion; that figure is the declared works budget, not necessarily the total investment in the broader project.1 Torre Castelló is part of a wider pattern tracked by Brains: its analysis records 337 private-sector property refurbishments beginning in Spain in 2026, with declared budgets totalling €303.6 million.1
The project is being promoted by Grupo Lar and funds managed by BlackRock, according to the Brains report.1 Grupo Lar describes the development as a mixed-use conversion comprising a residential tower and a student residence, with architectural work led by Martín de Lucio Arquitectos.11 The available report identifies no individual project founder or launch date; its 7 August 2026 publication date is the article date, not the project’s founding date.1