CBRE GI buys 4,370sqm Paris office building for separate account client

CBRE Global Investors has acquired an office building in France’s capital on behalf of a separate account client.

The manager said it bought the 4,370sqm building located on Avenue Ledru Rollin in Paris from MGEN for an undisclosed sum.

CBRE GI said the acquired building, constructed in the 1920s, fits a strategy of investing in assets located in work-live-play submarkets and tech clusters providing significant rental upside.

A number of short- and medium-term asset management initiatives have been identified to increase the building’s value, the manager said.