CBRE Global Investors, acting on behalf of Zurich Insurance, has acquired in an off-market deal, an office building located at 17 rue d’ Astorg in Paris 8th district. The vendor was a French institution. The 2,000m² core office building is arranged over six floors and four basement levels. It is located in the heart of Paris’s CBD and is in one of the most prestigious and sought-after areas, with financial service companies and law firms tending to be the traditional tenant base. Built in 1909 and restructured in 1992, it is situated at the corner of rue d’Astorg and rue Roquepine and benefits from excellent transport links with immediate access to the metro and is in close proximity to Saint Lazare’s transport hub. The asset is let in its entirety to a recruitment agency specialising in finance and insurance and is their headquarters.
Matthias Hubner, Head of Real Estate Europe, Zurich Insurance Group, said: “This acquisition demonstrates Zurich’s confidence in the office sector in strong locations in Europe. Paris’s CBD is one of the most liquid markets in Europe, and this attractive headquarters in a corner building will deliver sustainable rental income over the long term.”
Gautier Beurnier, Country Manager France, CBRE Global Investors, commented: “This acquisition reflects our client’s investment strategy targeting assets that are both liquid and defensive and with appreciation potential over the medium to long term. It is a strong addition to their portfolio.”