Savills has advised the world's largest bank, Industrial and Commercial Bank of China (ICBC), on the acquisition of a new headquarters in Spain.

The bank has secured 1,100 sq m (11,840 sq ft) of office space on a five year lease in Madrid’s prime business district at 3 Paseo de Recoletos.  The lease includes use of 10 car parking spaces.

Recoletos 3 is a six storey office property totalling  6016.49 sq m (64,757 sq ft) with 65 car parking spaces over four basement levels.  The property was sold earlier this year by Savills and Catella, on behalf of Ballester, and marked the most significant deal in the market in 2010 with a pricing level not seen since 2008 in Madrid.

Rafael Merry del Val, Head of Savills, says:  'We are thrilled to be involved in the arrival of this Asian giant to Spain. It is a great boost for our market which has recorded office take up in the first half of 2010 double in comparison to 2009.”

ICBC has 386,723 employees under payroll. ICBC provides a wide range of financial products and services to 3.61 million corporate clients and 216 million individual customers through 16,232 outlets across China, 162 overseas subsidiaries and a global network of more than 1,504 correspondent banks.