EUROPE – Tishman Speyer has acquired the 570,000 square foot Tour Pacific office building in Paris in the La Défense business district.
The company said it had been looking for opportunities to increase its footprint in major European cities, and that Tour Pacific fit “very well” with the rest of its portfolio.
The purchase price was not disclosed, but it is understood to be more than €215m, according to industry sources.
The seller of the property was Ivanhoe Cambridge.
Tour Pacific is now approximately 70% leased, well below the overall market occupancy for the Paris office market (91%).
The main tenant in the property is Société Générale, which has a short-term lease.
Tishman Speyer is planning on a full renovation of the property that will include significant sustainability improvements.
Tishman Speyer bought the property in a joint venture with unnamed institutional capital.
The company has invested more than €850m of equity capital in the past three years in Europe, primarily in London, Paris and Frankfurt.
Tishman Speyer’s investment focus is with office buildings and mixed-use assets in major cities.
Most of the activity has been with existing buildings, although the company is also currently developing new buildings in Frankfurt and Paris.