Hines France, acting in its capacity as asset manager for HECF, has signed leases with two new tenants in the Eurosquare 1 building, just outside Paris in the Saint-Ouen Victor Hugo business district.
Quintiles, the world leader in the fields of clinical research, license concessions and the marketing of new drugs, signed a lease for 3,259m2; and Amos European Services, an Allianz subsidiary, signed a lease for 1,140m2.
The 15,000m2 Eurosquare 1 is a functional, urban building centrally located in the heart of the city, in close proximity to public transport systems (RER C and the future metro line 14). These two new transactions underpin the attractiveness of both the building and the district which is set to benefit from improved accessibility once metro line 14 has been extended, linking the area to the center of Paris. The €1.38bn extension will have capacity to carry up to 40,000 passengers per hour and includes the construction of four new stations, Pont Cardinet, Porte de Clichy, Clichy Saint Ouen RER and Mairie de Saint Ouen.
Leasing activity at Eurosquare 1 has been busy over the past few months, and the building is 75% leased with 3,800 m2 still available. In 2014 HECF signed a nine-year lease with European personal hygiene product manufacturer SCA for 6,800m2 across three floors of the Eurosquare building to accommodate 300 employees.
Since advising on the acquisition of the building in 2007, Hines France has steered an ambitious reclassification program for this asset on the basis of its qualities, winning HQE Operating certification in the process, making the building more modern and attractive. The company completely overhauled the building; Studios Architecture completely redesigned the lobby, the landings and the common areas, giving them a sleek, modern feel while Wilmotte & Associés architecture firm designed new washrooms and a 250m2 fitness center.
