DWS and La Française Real Estate Managers have bought a mixed-use project in Paris from Meyer Bergman.
Announcing the deal, Meyer Bergman said, together with its local development and investment partners Assembly and Stepling, it has sold TOKO, to the asset managers for an undisclosed sum.
DWS has acquired the office element, La Française the residential element of the project.
Meyer Bergman and Assembly are together repurposing the office building to deliver a new genuinely mixed-use ‘work-live’ development.
The six-storey building, which was built in two phases in 1955 and 1989 respectively, will soon host a new 1,000sqm residential element, which has been pre-leased to European co-living pioneer Colonies.
The 8,060sqm office component has been successfully pre-leased to business process outsourcing firm Webhelp.
Marcus Meijer, CEO of Meyer Bergman, said: “The successful pre-leasing of both the residential and commercial components at TOKO, combined with today’s announcement on the disposal, together demonstrate the power and benefit of investing significantly into high-quality design and branding for an asset.
“This project also underlines our ability to successfully repurpose existing assets in core European city markets. Urban repositioning is a trend we see expanding post-pandemic, with COVID-19 accelerating preexisting structural shifts that cut across multiple real estate asset classes.”
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