MARK, acting together with local development partner Assembly, has completed the redevelopment of a 1980s office block in central Paris into a modern 'work-live' scheme. The mixed-use asset, branded TOKO, will be the central headquarters for business outsourcing and customer experience specialist Webhelp and the first Paris location for co-living pioneer Colonies. MARK acquired the site, which was previously Yahoo's Paris HQ, in 2018. DWS acquired the office element on behalf of one of its funds, and La Française Real Estate Managers acquired the co-living space on behalf of SCPI Epargne Foncière.
The objectives of this restructuring were to open the building up to the city and to offer a mix of uses. The ground floor is dedicated to wellbeing and fitness and will exhibit the works of prestigious Paris-based artist Hicham Berrada.On the upper floors, office space is open, flexible and reversible.
On the 6th and 7th floors, the extension provides users with terraces planted with trees and new spaces for informal working and living. The hallmarks of the project include its prime location, the creation of high-quality areas bathed in natural light and flow optimisation. Several energy performance certificates have been awarded, including NF Habitat HQE level Excellent, BREEAM NC 2016 level Very Good, and Paris Climate Plan certifications.
Virginie Walckenaer, Head of Real Estate, France & Belux at DWS said: “DWS is thrilled to acquire the TOKO building and to add this quality asset to its portfolio, which now amounts to more than €2.3bn in France and Belgium. The company Webhelp is now one of our 155 tenants and we are pleased to welcome them.”
Philippe Bidaud, managing director of MARK in France, said: “Our work at TOKO illustrates MARK’s ability to deliver value to its investors through successful repositioning projects. TOKO has been transformed into one of the city’s most well respected mixed-use plays and the quality of the product is evidenced by the calibre of the tenants we have on board. Sustainability has been considered at every stage of the design, development and operational process as part of the ESG strategy being implemented at corporate and local levels.”
