Aareal Property Services has sold its office development 61 Rue de Monceau in central Paris to Bankhaus WÃ¶lbern. The redevelopment of the listed building designed in 1877 by architect Denis Destors for Parisian bankers Abraham and Nissim Camondo was completed in 2004.
The property has been redeveloped to provide some 5,750 square meters of Grade A office accommodation behind a classic facade together with 78 car parking spaces. The property was let by Aareal Property Services last year to investment bank Morgan Stanley.
Commenting on the project Aareal Property Services Managing Director, Ronald ten Bokum says: âThis has been a spectacular project. The architectural quality of the original building required a lot of asset management input from our professional team.â
Aareal Property Services were represented in the transaction by Jones Lang LaSalle, whilst Bankhaus WÃ¶lbern were represented by Etoile Properties.
Source: Aareal Bank