Historic Building in Paris to Trade for $175M
- Jan 16, 2017
Paris—French real estate company Société Foncière Lyonnaise recently announced that it has signed the acquisition of SMA’s historical headquarters building in Paris for a price tag of $175 million (EUR 165 million). Contracts will be exchanged in the fourth quarter of 2017, when the seller moves to its new headquarters.
Located at 112-122 Ave. Emile Zola, the 11-story asset completed in 1966 encompasses roughly 226,000 square feet of office space and is surrounded by a mix of residential and commercial properties, the area being well served by public transportation.
SFL intends to restructure the historical property as a new major business center. “We are focusing on making targeted acquisitions of completely outdated office properties in high potential districts that we can redevelop and put back on the market as prime new products aligned with current expectations and office use practices,” said Dimitri Boulte, SFL’s managing director & CEO, in a prepared statement.
Image courtesy of SFL