Tishman Speyer Acquires 570 KSF Paris Office Building
- Jun 11, 2013
Global real estate owner, operator and developer Tishman Speyer has acquired Tour Pacific, a 570,000-square-foot office building in Paris, France, from Ivanhoe Cambridge.
“We have been looking for opportunities to increase our footprints in major European cities, and Tour Pacific fits very well with the rest our portfolio,” Tishman Speyer co-CEOs Jerry and Rob Speyer said in a company press release. “We look forward to transforming it and offering it to tenants as one of the most desirable business locations in the Paris market.”
Located in the La Defénse business district, the building was completed in 1992, and features a 24-story, two-tower design. Currently, the building is 70 percent occupied with its main tenant being the financial company Société Générale, which has a short-term lease expiration.
This latest acquisition expands Tishman Speyer’s already large portfolio in the region, which now includes 12 buildings totaling approximately 4.4 million square feet. One of those is Tour Esplanade, adjacent to Tour Pacific, which is fully leased to the French government, following the signing of 2012’s largest lease in Paris.
Tishman Speyer is expected to undertake a full renovation of the building that will include significant sustainability improvements. The firm has emerged as a sustainability leader in France with more than half of its portfolio achieving certified high environmental ratings, including three buildings ranked among France’s top 10.
Financing for the transaction was provided by Helaba Landesbank Hessen-Thüringen and Deutsche Pfandbriefbank.
Jones Lang LaSalle brokered the sale as part of a co-exclusive mandate with Catella France.