Tishman Speyer has purchased a 570,000-square-foot office property in Paris from Ivanhoé Cambridge. A statement from the real estate subsidiary of the Caisse de dépôt et placement du Québec reveals that the New York-based developer and fund manager bought the property, known as Tour Pacific. Although terms of the transaction were not disclosed, data from Real Capital Analytics lists the closing price at $283 million.
Located at 11-13 Cours De Valmy within Paris’ La Défense business district, Tour Pacific features a two-tower, 24-story design. Completed in 1992, it is approximately 70 percent occupied, primarily by Société Générale. Tishman intends to undertake a full renovation program, which will include significant sustainability improvements.
A joint statement from Tishman’s co-chief executive officers Jerry and Rob Speyer said the firm has been looking for opportunities to increase its footprint in major European cities and decided that Tour Pacific was a good fit with the rest its portfolio.
The acquisition expands Tishman’s portfolio in the region, which now includes 12 buildings totaling approximately 4.4 million square feet. Among them is Tour Esplanade, which is adjacent to Tour Pacific. Tour Esplanade is fully leased to the French government, following the signing of the largest lease in Paris last year.