The mayor of Madrid, Alberto Ruiz-Gallardón, was at the new 'Torre Espacio' yesterday for the raising the flag ceremony on what has become the highest building in Spain (236 metres), which was celebrated with a spectacular firework display.

It is the first of the 'Cuatro Torres' skyscraper complex being built in Real Madrid's former Sports City (Ciudad Deportiva), and is expected to be completed on schedule before the summer.

It will provide office space for between 2,500-3,000 workers, is 57 stories high, has 27 high-speed lifts and is 16 metres higher than Spain's current highest building, Benidorm's Gran Bali Hotel (210 metres including communication mast).

There will be two leisure areas (on floors 18 and 33), known as Sky Lobby One and Sy Lobby Two, with rest areas, meeting rooms and restaurants all offering excellent views across the capital and surrounding countryside.