Benson Elliot Capital Management, the private equity real estate firm founded by Marc Mogull, and French real estate investment and development company Générale Continentale Investissements (GCI) have acquired Le Berkeley, a 205,000-square-foot office building in Paris La Défense, for €100 million ($141 million).
Made through Benson Elliot Real Estate Partners II, it is the fund’s fifth acquisition, bringing the fund’s portfolio value to approximately €650 million.
Located in the northeast corner of La Défense, Paris’ financial district, the nine-floor building is currently 85 percent occupied and features three below-ground floors of parking.
Le Berkely is Benson Elliot’s second joint venture with GCI, following the €240 million acquisition in February of six Paris office buildings including the famous Opera Italiens in the 9th Arrondissement and the former headquarters of national newspaper Le Monde.
Benson Elliot was founded in 2005 by Marc Mogull, previously managing director and senior real estate executive at private equity real estate firm Doughty Hanson.
The firm’s inaugural investment fund, Benson Elliot Real Estate Partners II, closed in August 2006 on more than €335 million. The vehicle invests in real estate assets in the UK, Germany, Scandinavia, Italy, France, Spain and Central and Eastern Europe.