I would stay central around La Latina, Opera or the Huertas area. If you have been to Barcelona many times and have never been to Madrid, I would suggest these areas as they are not only central, but also very pretty and full of charm as well.
Remember, Madrid is a different city than Barcelona. I hope you enjoy Madrid as much as we on this board love it.
We all love to give our opinions on this great city, so keep your questions coming.

Let us know where you booked?