Tishman Speyer acquires a 140,000-square-foot (12.800-square-meter) classic headquarters office building in central Paris.
Tishman Speyer announced this week that it has acquired a 140,000-square-foot (12.800-square-meter) classic headquarters office building in central Paris. The transaction was in the form of a sale/long-term lease-back. The firm paid approximately $95 million (€65 million) to acquire the property from SCI Vendome on behalf of its Tishman Speyer European Core Fund, a growing pan-European portfolio of office buildings.
The building, located near the Gare St Lazare, at the border of the 8th and 9th Arrondisements, serves as the corporate headquarters of AXA Corporate Solutions. The company will continue to occupy the historic building under a long-term lease.
Tishman Speyer has been investing and developing in the Paris market for 15 years, and this acquisition will bring its current portfolio of properties in Paris to 3 million square feet.
Bernard Penaud, managing director and head of Tishman Speyer’s activities in France, said, “We’re very pleased to have identified this opportunity to invest in an outstanding property with a world-class tenant committed to be here for the long term.”
Tishman Speyer President and Co-CEO Rob Speyer commented, “Investing in major European cities has been a cornerstone of our business for over 20 years and we are excited to add this historic, well-located office building to our portfolio.”
About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 320 projects totaling over 116 million square feet across the United States, Europe, Latin America and Asia, including signature properties such as New York’s Rockefeller Center and Chrysler Center, Berlin’s Sony Center and Torre Norte in São Paulo, Brazil.
[Full article via PR Log]