CBRE IM buys Paris office building (FR)

CBRE IM buys Paris office building (FR)

CBRE Investment Management and the international acquisition platform of the Cicerone Fund (Cicerone RE Holding BV), managed by Fabrica SGR, have completed the acquisition of an office building located at 33 rue d'Artois, in Paris’s 8th. The vendors were Atland and PGGM.


Built in 1923 and benefiting from a prime location in the heart of Paris’ CBD, this former private mansion has been comprehensively redeveloped to the highest technical and environmental standards, while preserving and enhancing its historical features. Comprising seven floors above ground, the asset benefits from views on two sides and a private garden. It is fully leased to a leading French organisation and is ranked BREEAM Very Good, HQE Excellent and Wiredscore Gold.


"We are delighted to have completed the acquisition of this prime building in a submarket of Paris where quality office buildings to rent remain in short supply. We are confident that it will deliver the stable and resilient income that our long-term investor is looking for," said Gautier Beurnier, Country Manager France, CBRE Investment Management.


Matteo Greco, Cicerone RE Holding BV’s Director added: “The company's strategy remains focused on assets with solid fundamentals in terms of location, iconicity, real estate quality and tenants of primary standing. From this point of view, the property in Rue d’Artois 33, located among the main iconic places in Paris and with the various certifications that attest to its value and sustainability, meets all these characteristics ".


"Respecting the history of the site, the existing building made this project a real challenge for our teams, from design to delivery. The leasing of the building more than a year before its delivery and now its sale to Cicerone RE Holding BV testify to the excellent work done on the architectural and technical levels, always with the highest environmental standards," commented Jonathan Azoulay, Deputy Managing Director, Asset Management of ATLAND Voisin.

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