Grosvenor Europe has acquired a 5,000m² building in Courbevoie, NW Paris, for approximately €29m. The asset is fully leased to a major French communications company, providing a long-term income stream. The building is located within a major urban renewal project comprising 200,000m² of offices and 80,000m² of housing. The fast-improving area has been in development since 2013 and benefits from proximity to the Bécon-les-Bruyères train station, which will be serviced by the highly anticipated Metro Line 15 (Paris orbital metro).
The former industrial building features extra-wide floor plates and high slab to slab heights, offering significant flexibility and a high level of comfort for tenants. It has also benefited from a significant refurbishment in 2017, including the integration of an impressive 1,700m² rooftop with views of central Paris and La Défense. The works also incorporated green walls, thermal insulation and electric car charging to enhance the sustainability credentials of the building.
Steve Cowen, Executive Director, investment and development, Grosvenor Europe, said: "Our strategy is to acquire core or value add office assets in Paris and key inner-suburban sub-markets, where there is strong income or significant potential for future redevelopment. The intrinsic qualities of this building, in particular its flexible floorplate, make it a particularly interesting asset in light of how offices are likely to evolve in a post-COVID world.”
Alban Hallé, Director, France, Grosvenor Europe, added: "This high-quality building does not require immediate work, but as part of our strategy to achieve net-zero operational carbon by 2030, we will make improvements to the building's technical systems that enhance its sustainability credentials."