MARK has acquired the former headquarters of the famous French daily newspaper Liberation. The price and vendor have not been disclosed. Through its local development and investment platforms Assembly and Stepling, MARK will transform the asset into a state-of-the-art office building with industry-leading ESG, amenity and technology credentials. Located in one of the capital’s trendiest and busiest districts, Le Marais, the completed development will be extended from 5,000m² to 6,000m² by MARK and provide room for 650 employees. Fashion, technology, and entertainment companies have been identified as likely occupiers. MARK will focus on obtaining the Low-Carbon Building Renovation (BBCA) label during the redevelopment phase, and the highest environmental certifications available post-completion, including BREEAM Excellent.
A green loan has been agreed with HBSC Continental Europe to finance the project, and the redevelopment of the car park will support Paris's ambition for the city centre to have all private cars off the road by 2024. The loan benefits from a dedicated Green Framework on which an ESG rating agency has provided an independent second-party opinion.
Located on Rue Béranger in Le Marais, less than a two-minute walk from the public transport hub of Place de la Republique, the building served as Liberation’s headquarters until 2015 and has been vacant since. Built in the 1950s originally as a multi-storey car park, it was partially redeveloped into a nine-floor office block in the 1980s to host the newspaper.
Philippe Bidaud, managing director of MARK in France and board member, said: “This transaction represents an excellent illustration of our aspirations for MPUR and the attractive opportunities we will seize upon as the market undergoes significant change. Current pricing allows us to invest in ambitious restructuring projects, creating some of the capital’s most sustainable and future-proofed commercial spaces in a city highly sought-after from both an occupier and investor perspective. Barriers to entry including land scarcity and tight planning controls are limiting new supply, which is a benefit to those with on-the-ground teams, experience, and a vision to execute wholesale renovation strategies of existing stock. Our vertically integrated model with leading French developer Assembly provides a competitive edge as investment and development teams work seamlessly across the asset lifecycle, from sourcing to underwriting and completion. Tightening environmental regulations in France and the rapid ascent of ESG criteria towards the top of most investors’, lenders’ and occupiers’ list of priorities will continue to accelerate the bifurcation between less sustainable and best-in-class space with strong ESG credentials.”
