The Marengo building in Paris, France, has been sold by a fund managed by Morgan Stanley Real Estate Investing, advised by international real estate advisor Savills in a co-exclusive mandate with Jones Lang LaSalle. The mixed use-office and retail building, which is located next to the Louvre Museum in one of the most attractive areas of Paris, has been acquired by CBRE Global Investors on behalf of the Pan European Core Fund (PEC).
The property has a total surface area of 9,000 m² and is fully occupied by 15 tenants including the Musée du Louvre, Cityrama and Club Med Gym.
Boris Cappelle, Head of Investment at Savills France, says: “The Marengo property is an attractive prime asset let to well known French tenants situated in a much sought after location. We continue to see robust activity in the investment market in France in 2014, and expect turnover in the first quarter to reach a historically high volume.”
Jones Day and De Pardieu Brocas Maffei also acted for the vendor. Linklaters and EY acted for CBRE Global Investors.