Dubbed Caleido, the 36-storey building will cost €84 million to complete, and will house a university campus for the Instituto de Empresa, a Quiron medical clinic and a shopping mall.
It is expected to create 1,559 jobs during its con
struction and another 3,992 once it opens.
The Paseo de la Castellana is one of the longest and widest avenues in Madrid and is home to many business, banking and financial buildings.
It is one of the longest and widest avenues in the capital and features many of the most important embassies.