Thor Buys 102 Champs-Elysees in Paris
- Mar 24, 2015
Thor Equities has a penchant for Paris, and the real estate company recently made a move to add to its portfolio in the City of Light with an agreement to acquire 102 Avenue des Champs-Élysées, a 7,400-square-foot retail and office property on one of the most recognizable high-street retail stretches in the world. The seller, Sydney & London Properties, has owned the asset since 1996, according to its website.
A four-story property, 102 Champs-Élysées has a nominal amount of office space but is best known for its retail tenant, the wildly popular nightclub Le Queen, which occupies the ground, mezzanine and lower levels under a new long-term lease signed with the previous owner in 2013.
Thor is remaining mum on the price tag attached to 102 Champs-Élysées, however, the company has yet to cry foul over the figure mentioned in the Financial Times article on the transaction, which puts the cost at €70 million or approximately $76.5 million. Whatever the numbers, they will most certainly reflect the fact that, as noted in a report by commercial real estate services firm Cushman & Wakefield, Paris is the third most expensive retail market in the world, due in no small part to Avenue des Champs-Élysées, where the average rental rate is $1,556 per square-foot.
News of the pending 102 Champs-Élysées transaction comes on the heels of Thor’s acquisition of the retail property at 51-53 Boulevard Haussmann in December 2014.
“We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations such as the Champs-Élysées and Boulevard Haussmann,” Joseph Sitt, CEO of Thor, noted in a prepared statement. The company’s Paris portfolio also includes 65-67 Avenue de Champs-Élysées.
But Paris is just one of Thor’s target markets. Over the last several months, the company has been quite active in building up its already admirable retail and mixed-use presence in top commercial real estate corridors around the world. In October 2014, Thor completed the joint venture acquisition of the 540,000-square-foot trophy office and retail tower at 530 Fifth Avenue in Manhattan for $595 million, and earlier this month the company made its debut in Canada with the purchase of the premier 26,000-square-foot retail and office building at 777 Saint Catherine St. in downtown Montréal.