Update 2.30pm: Torre Espacio's approximately 2,000 workers have been told by Spanish police they can return to their workspaces after finding no explosive devices hidden in the skyscraper. 

Madrid authorities have confirmed that a malicious phone call alerting Australian embassy staff of an alleged bomb was made at around midday Tuesday local Madrid time. 

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Spanish National Police have evacuated Madrid skyscraper Torre Espacio, one of the four iconic towers along the Spanish capital’s Paseo de la Castellana avenue, following an alleged bomb threat at the Australian Embassy.

The Australian embassy said on Twitter that it would “remain closed for the rest of today, Tuesday 16 April, until further notice.” 

TEDAX bomb disposal officers are currently using sniffer dogs and following protocol. 

“We urge any person inside the building or in the vicinity to follow the instructions given out by security personnel”, Madrid Municipal Police said on social media.

Traffic has been diverted and pedestrian access cut off along the emblematic upmarket avenue of La Castellana, as it is commonly known. 

With a height of 235 metres (770 feet), the 57-storey Torre Espacio building is one of four skyscrapers that makes up a business park in northern Madrid (pictured in the photo below on the far-right hand side).

Aside from housing several embassies, the skyscraper is also the home of of Spain's Banking Association (AEB) and the headquarters of big names such as Red Bull and Equifax, taking the building's total occupancy rate to 90 percent.

More to follow