AXA Investment Managers - Real Assets has disposed of the 25,800m² East building of its QU4DRANS office development in Paris. The development site was initially acquired by AXA IM - Real Assets in May 2011 on behalf of Development Venture III, the third generation of a pan-European development vehicle that it manages.
Designed by Wilmotte & Associés architects, the flagship QU4DRANS scheme comprises four independent office buildings – North, South, East and West – totaling 86,000m², which have been built out in two phases.
Each of the four buildings offer high standards in low rise office accommodation in Paris, with underground parking, plentiful green space, designated cafeterias, and flexible floor plates which allow for tailored reconfiguration to suit a specific tenants’ bespoke requirements.
QU4DRANS is of a scale rarely seen in Paris and offers a unique opportunity to create the headquarter offices of large local or international companies. Situated in a prime location next to the River Seine in Paris’ 15th arrondissement, QU4DRANS is within close proximity of the new Ministry of Defense headquarters, and benefits from exceptional visibility from the city’s ring road and unrivalled public transport links.
The first phase of QU4DRANS, which includes the 25,800m² East and 20,000m² South buildings, was finished at the end of 2015 and quickly drew tenant and investor interest, with the East building selling within six months of completion.
Phase two of the project was launched in December 2015 and provides an additional 40,000m² of office space across the North and West buildings. Although not due to complete until the beginning of 2018, it is already proving a compelling proposition to tenants and investors alike.
Surrounded by landscaped green space, including the 1.3 hectare Neveux & Rouyer-designed park, QU4DRANS has achieved certifications such as the NF Tertiary Buildings HQE at an "Exceptional" level, an “Excellent” BREEAM rating for sustainable design and a BBC Effinergie accreditation for low-energy usage.
Pierre Vaquier, CEO of AXA IM - Real Assets, commented: “This sale marks a significant milestone for QU4DRANS as it illustrates the recognition of this unique scheme and confirms the quality and performance of the four buildings. To have attracted strong investor and tenant interest to the project only few months after its completion comes as a confirmation of the relevance and attractiveness of the site and is a testament of the expertise of our development team for the benefit of our investor clients. This first transaction leaves us confident in the prospects of commercializing the remaining three buildings.
“This large-scale development demonstrates our confidence in the strength and prospects of the Parisian office market, as this development sits proudly alongside other landmark offices buildings in our portfolio, including the recently acquired Tour First in La Défense.”
