Emergency services have rushed to the scene, which is one of four towers of the Paseo de la Castellana. The embassies of the UK, Canada and the Netherlands are also located within the building, which houses more than 1,000 workers. Police helicopers are currently flying over the Spanish capital.
But local news sources reported the bomb threat had been made at the Australian embassy.
The Spanish police force said in a tweet on its Twitter page: “The @policia work is Currently in Madrid in The skyscraper Torrespacio, which is being evicted for security reasons.
“Please, that anyone inside the building or the vicinity follow the instructions of the security personnel.”
A police spokesman told news agency AFP: “A bomb threat was received. Evacuation has started. We have to work and do checks.”
The Associated Press in Madrid have reported staff at the Torrespacio skyscraper received a phone call with the threat at around midday local time, prompting the tower’s own security personnel to evacuate the building, citing quotes from a police spokeswoman.
The Australian embassy said it would remain closed for the rest of Tuesday.
The embassy said in a tweet: “The @AusEmbEsp will remain close for the rest of today, Tuesday 16 April, until further notice. Apologies for any inconvenience.”
Roads around the skyscraper have also been closed, with emergencies services evacuating the building within 15 minutes.
The Torrespacio is fourth tallest skyscraper in Spain and the twenty-fourth in Europe, measuring 235 metres in heights and consisting of 57 floors.
This is a breaking story. More to follow.