Covivio completes strategic acquisition of minority stake in Paris-La Défense landmark, positioning for high-yield returns and future-proofed asset repositioning
In a bold play reflecting renewed momentum in the Paris-La Défense commercial real estate market, Covivio has acquired the remaining 25% stake in the iconic CB21 tower, taking full ownership of the 68,000 m² asset. The move comes at a pivotal time, with Covivio poised to leverage the ongoing transformation of La Défense, which saw office take-up soar by 60% year-on-year in 2024.
Situated at the foot of Metro Line 1, CB21 stands out not only for its prime visibility and access but also for its luxury-hotel-inspired amenities and 1,500 m² of green space. With Suez vacating its 38,000 m² lease mid-2025, Covivio plans to accelerate the tower’s repositioning strategy. Enhancements include a redesigned lobby and lounge, rooftop access, executive club and new concierge-backed meeting facilities.
“This acquisition marks a decisive step in unlocking the full value potential of CB21,” said Géraldine Lemoine, Head of Investor Relations at Covivio. “The timing allows us to capitalise on the post-COVID resurgence of La Défense, driven by demand for flexible, premium workspace.”
Investors will take note of Covivio’s strategic marketing split: a combination of “as-is” floors and high-end “premium” spaces. The approach has already yielded results, with 6,000 m² leased and another 4,000 m² under negotiation, covering 25% of the soon-to-be available area. With an overall target yield of 10%, the transaction offers Covivio both short-term leasing opportunities and long-term capital appreciation.
Critically, CB21’s environmental credentials add another layer of appeal: Active Score Gold, WiredScore, and HQE certifications, combined with top performance in the CUBE 2022 energy competition, make the tower a model of sustainable repositioning. For developers and asset managers, the opportunity lies not only in yield but in transforming legacy towers into ESG-compliant, tenant-centric hubs.
The seller was advised by KPMG Avocats, White & Case and Rothschild & Co, while Covivio was advised by Veil Jourde.
People mentioned
Géraldine Lemoine – Head of Investor Relations, Covivio
Louise-Marie Guinet – External PR Contact, Covivio
Companies mentioned
Covivio – Buyer, full owner and asset manager of CB21
Suez – Former main tenant of CB21
KPMG Avocats, White & Case, Rothschild & Co – Seller’s advisors
Veil Jourde – Buyer’s legal advisor
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