Tishman Speyer has announced the acquisition of Tour Esplanade from SITQ for an undisclosed sum. The 36 story, 53,000 m² office building is located in La Défense, Paris, and is 100% occupied by SFR, the second largest telecommunications operator in France, on a 9 year lease, ending 31/12/2013.
The purchase marks Tishman Speyer's return to the La Défense market, having sold Tour CBX to Dexia Crédit Local in December 2005. Tour Esplanade brings Tishman Speyer's Paris portfolio to seven buildings totalling 250,000 m².
"Despite the weight of competitive capital, Paris remains an interesting market both for our core and value-added funds. Tour Esplanade is an exceptionally well located property with secure tenancy and great potential for improvement and growth. This acquisition demonstrates that there are still interesting deals to be made in the market if you have the ability to move quickly" said Eric Adler, Head of European Acquisitions, Tishman Speyer.
The investment was made by Tishman Speyer's 1.5 billion European core fund, the European Strategic Office Fund, and is the tenth asset acquired by this vehicle since its launch in 2004.
Source: Tishman Speyer