Tishman Speyer Expands Paris Footprint
- Dec 21, 2020
Tishman Speyer has invested 750 million euros ($919 million) into the Parisian office market in the last six weeks. The company has recently acquired two additional properties in Paris to go along with its purchase of an office building in the Boulogne-Billancourt suburb in November.
For its two latest acquisitions of Carré Saint-Germain and Tour Cristal, Tishman Speyer partnered with the Public Sector Pension Investment Board. Tishman and PSP purchased Carré Saint-Germain from AXA IM – Real Assets, which sold the property on behalf of clients. The 13,800-square-meter (149,000-square-foot) mixed-use property is located within Paris’ Saint-Germain des Prés district.
Philippe Joland, senior managing director & president of Tishman Speyer France, said in prepared remarks that Carré Saint-Germain was its third acquisition since the onset of the COVID-19 pandemic, which gives Tishman Speyer an opportunity to reinvent office space that adapts to the new norms.
Tishman Speyer and PSP also acquired the 29-story Tour Cristal in Paris’ 15th Arrondissement from an undisclosed seller. The 26,000-square-meter (280,000-square-foot) office property was built in 1990 and is among the last high-rise towers built in central Paris, according to Tishman Speyer.
In both transactions, the partnership was advised by Étude Wargny Katz and cabinet De Pardieu Brocas Maffei, while also receiving technical consulting from Arcardis. The partnership also received financing advisory services from Eastdil Secured with the Carré Saint-Germain deal.
Paris office market activity continues
Commercial real estate in Europe is starting to see its bounce back, according to a third quarter report from CBRE. And in spite of COVID-19 heavily impacting France, the Paris office market was still able to see some major deals happen in the last few months.
In May, Ivanhoe Cambridge acquired a 538,200-square-foot development in the Parisian suburb of Val de Fontenay that is expected to be complete in 2022. Several months later, DTZ Investors acquired a fully leased office property, also in the Boulogne-Billancourt suburb west of Paris.