Société de la Tour Eiffel has acquied 10 Bastille, a new 3,000m² commercial property situated in the 12th arrondissement of Paris, close to the Gare de Lyon and Place de la Bastille. The vendor is Pontine Groupe. The location is well known for its dynamism and varied mix of property uses, from international company HQs to restaurants and shops, as well as apartments, amenities and tourism destinations.
10 Bastille has been fully let on a 9-year fixed-term lease to Team To (an independent French animation studio that produces TV series and film projects). The property was previously occupied by the Maison Rouge contemporary art foundation, and has been completely transformed for its new use as a workspace, with comfort and flexibility for its occupiers in mind, and has 300m² of external space/terraces. A Breeam certification with a "Very Good" rating is aimed at for this property.
"In line with our new strategy, this acquisition illustrates our intention to continue investing in high-quality assets, particularly in terms of environmental performance, while maintaining rigorous selection criteria, and as such, making our portfolio more attractive over the long term. In addition to its strategic location in a district well known for its tenant mix and dynamism, this high-quality site offers value creation potential based on a configuration that meets the new market expectations", commented Christel Zordan, Chief Executive Officer of Société de la Tour Eiffel.
Pontine Groupe appointed its subsidiary Active Promotion to project manage every aspect of the renovation and extension works needed for the change of use. Gerard Schmitt, Chairman of Active Promotion, said: "the renovation project for this property resulted in the change of use and expansion of the floor area. I would like to congratulate everyone who worked on the project, and in particular, the François Larroche practice, which created five landscaped patios that bring natural light and visual comfort into the building and to the occupiers’ benefits, while preserving the original character of the site and of the Maison Rouge".
