Tishman Speyer today announced it has completed the purchase of Tour Pacific, a 570,000 ft² (approx. 53,000 m²) office building in Paris, France. The property, located in the La Defénse business district, was acquired from Ivanhoe Cambridge.
The acquisition expands Tishman Speyer’s already large portfolio in the region, which now includes 12 buildings totaling approximately 4.4 million ft² (approx. 415,000 m²). Among them is Tour Esplanade, which is adjacent to Tour Pacific. Tour Esplanade is fully leased to the French government, following the signing of 2012’s largest lease in Paris.
Completed in 1992, Tour Pacific features a 24-story, two-tower design. It is approximately 70% occupied, primarily by Société Générale, which has a short-term lease expiration. Tishman Speyer will undertake a full renovation that will include significant sustainability improvements. The firm has emerged as a sustainability leader in France with more than half of its portfolio achieving certified high environmental ratings, including three buildings ranked among France’s top 10.
“We have been looking for opportunities to increase our footprints in major European cities, and Tour Pacific fits very well with the rest our portfolio,” said Tishman Speyer Co-CEOs Jerry and Rob Speyer. “We look forward to transforming it and offering it to tenants as one of the most desirable business locations in the Paris market.”
Financing for the transaction was provided by Helaba Landesbank Hessen-Thüringen and Deutsche Pfandbriefbank.
Source: Rubenstein Communications