MARK has sold a flagship mixed-use development in Paris to Allianz Real Estate, acting for several companies of Allianz Group. MARK acquired Pershing Hall, which is located in one of Europe’s most visited retail hotspots, the Parisian Golden Triangle, in 2018. The company, formerly known as Meyer Bergman, invested over €20m into modernising and repurposing the building.
The former five-star hotel has been successfully repositioned into a high-end office, retail and F&B destination, with MARK leveraging its global network of occupiers to attract a number of high profile tenants. They include one of New York’s most famous brunch spots, Sadelle's, as well as New York footwear and clothing brand KITH, which chose Pershing Hall as the location of its flagship European store - occupying over 16,000ft² across three floors. The interiors of KITH's store were designed by Snarkitecture, US contemporary artist Daniel Arsham's studio. The upper floors, totalling over 14,000ft² have been converted into state-of-the-art offices now leased to a leading US investment bank and strategy consultants.
Pershing Hall, originally a 19th century mansion, was acquired in 1928 by the American legion to serve as a World War One memorial. It was then later transformed into a luxury hotel in the mid-20th century. In line with its corporate ESG ambitions, MARK, together with its local investment and asset management partner Stepling, has made significant enhancements to the building's environmental credentials. It has secured BREEAM Good certification and is on track for a BREEAM Very Good In-Use certification.
Ronnie Fieg at KITH said: "MARK played a role in bringing our vision to life, working collaboratively with the Kith team and design firm Snarkitecture to create a space that was modern, reflective of our brand ethos yet still respectful of the building's heritage."
Philippe Bidaud, managing director of MARK in France and board member, said: “Pershing Hall is a perfect demonstration of MARK's ability to convert iconic but obsolete, single-use buildings into state-of-the-art mixed-use assets. The investment we made into transforming the building enabled us to attract leading brands as occupiers and exit the asset to a long-term institutional investor. This project, carried out in the midst of a pandemic, also demonstrates our ability to create value in real estate continuously and across cycles. The complementary forces of on-the-ground local experts and MARK’s global presence have been pivotal to the successful delivery of Pershing Hall. It joins the company’s growing list of successful value-add urban repositioning projects across Europe’s core cities and MPUR will be the next manifestation of that strategy."
