The Paris office of Hines, the international real estate firm, announced today that Prisma Presse, a leading European magazine publisher, has signed a long-term, 23,753-m² lease for the entire Coeur de Seine Building (to be renamed the Prisma Building), which is under construction in Gennevilliers, to the northeast of Paris.
Prisma Presse will consolidate more than 1,000 employees from five locations into its new headquarters building.
When the project is completed in October 2010, Prisma Presse will consolidate more than 1,000 employees from five locations into its new headquarters building.
Hines' European Value Added Fund I acquired the project from French developer Nexity through a forward funding agreement in 2008.
Designed by Jean-Paul Viguier, the campus-style project comprises three interconnected structures which will offer a 'green' working environment and excellent access to the center of Paris. Prisma Building will obtain the French HQE® certification from CERTIVEA, the sponsor of the leading green building rating system in France.
Hines Director of Financing and Acquisition Xavier Musseau commented, "We made this acquisition based on the project's strong fundamentals. Prisma's long-term commitment validates our assumptions. We have had great success in leasing highly functional headquarters buildings to prestigious tenants."
Cushman & Wakefield represented both HEVAF and Prisma Presse in lease negotiations. The law firm that advised HEVAF was de Pardieu Brocas Maffei, and De Gaulle Fleurance & Associés advised Prisma Presse.