Isak's Real Sociedad, one of the world's largest real estate firms, has announced that it will be extending its contract with Spanish property developer Guggenheim Bilbao for another two years from 2028 until 2031.
The extension of the contract comes after Isak's Real Sociedad was awarded a contract by Guggenheim Bilbao in 2025 to develop a mixed-use development on the site of the former factory building at Paseo de la Castellana.
Guggenheim Bilbao had previously rejected Isak's proposal due to concerns about the impact of the project on the surrounding environment and cultural heritage.
However, Isak's Real Sociedad argued that the project would bring significant economic benefits to the region, including jobs and increased tourism.
The company also claimed that the project would help to revitalize the area and create new opportunities for local businesses.
In response to the decision, Guggenheim Bilbao issued a statement saying that they were disappointed but understood that Isak's proposal was not feasible given the complex environmental and legal issues involved.
However, the company acknowledged that the extension of the contract would allow them to continue working towards their vision for the area.
The move is expected to benefit the local community as well as other stakeholders who may have been concerned about the project's impact.
Overall, the extension of the contract shows that Isak's Real Sociedad remains committed to its vision of creating sustainable and vibrant communities through its innovative real estate practices.