J.P. Morgan Asset Management acquires Paris’ 23 rue Philibert Delorme (FR)

GDF Suez has sold the 23 rue Philibert Delorme in Paris’ 17th district to institutional investors advised by J.P. Morgan Asset Management. The property, the former headquarters of Gaz de France, was completely redeveloped in 2002. It comprises 21,500 m² of office space.
It was vacated last December and will be entirely renovated by the new owner in 2015 and 2016 in order for it to be repositioned for letting on the Paris rental market.
The property’s immediate environment is undergoing transformation with the arrival of the tramway T3 in 2017 which will link to Clichy Batignolles and to the Paris metro lines 13 and 14.
The notarial firm, Allez & Associés, as well as the law firm Gide, Loyrette, Nouel, advised the acquirer on the acquisition. Allen & Overy advised the acquirer for tax structuring and financing. The transaction was financed by HSBC France (assisted by the notarial firm Wargny Katz and the law firm, Gide, Loyrette, Nouel). BNP Paribas Real Estate advised the vendor on the sale of the property. This transaction was done in partnership with S2i.
Source: J.P Morgan Asset Management