Agencia EFE, Spain's international news agency, said Wednesday that it is moving to new headquarters in Madrid as part of its strategy to remain a modern and competitive enterprise.

The agency will occupy 15 of the 18 floors of the Genesis building, a property of Sepides, which, like Agencia EFE, is a unit of state holding company SEPI.

The presidents of EFE, Jose Antonio Vera, and Sepides, Rosa Maria Mosulen, signed the lease agreement Wednesday in the presence of SEPI chief Ramon Aguirre.

The decision to move reflects the desire of EFE and SEPI to address the news agency's future needs in the most cost-effective way, Aguirre said.

The shift of EFE's headquarters to the Genesis building will generate an annual savings of around 500,000 euros ($652,659) in rent alone, the SEPI chief executive said.

In addition to the 11,000 sq. meters (118,247 sq. feet) of office space, EFE plans to build a television studio on the ground floor of the structure, which was built in 1988 and completely renovated three years ago. EFE