Société Générale Insurance has acquired a 53,000sqm office building in Paris’ La Défense business district from Tishman Speyer and Public Sector Pension Investment Board (PSP Investments).
Real estate manager Tishman Speyer and Canada’s PSP Investments said they have sold Tour Pacific to the insurance arm of the French bank Société Générale for an undisclosed amount.
AEW advised Société Générale on the transaction and will manage the investment on their behalf.
PSP Investments and Tishman Speyer acquired the office building, located in Paris’ La Défense business district, in 2013 from Ivanhoe Cambridge. The purchase price was not disclosed, but it was understood to be more than €215m, according to industry sources.
The duo said following an extensive renovation and refurbishment program that transformed this 20-year-old office tower into a modern and efficient building, they have successfully leased around 50,000sqm. to over 30 tenants.
Philippe Joland, a senior managing director and president of Tishman Speyer in France, said: “Tishman Speyer is very proud of our contribution to the transformation of Tour Pacific. Our goal was to attract clients in the 800-3,000sqm segment by creating a highly appealing office building with new services and amenities while providing a great work environment for the end users.
“We also believe that managing the asset directly creates additional value through the development of a unique relationship with the tenants. Tour Pacific has become a long-term, high-quality asset with a core profile as evidenced by the sale to Société Générale Insurance.”
Stéphane Jalbert, a managing director for real estate in Europe and Asia Pacific at PSP Investments, said: “Tour Pacific is an exemplary case of PSP’s ability to align itself with best-in-class partners to execute on tactical value creation strategies in core global markets.
“Tour Pacific was modernized through a comprehensive refurbishment to meet the demands and expectations of today’s tenants while taking advantage of the unique building design and vibrant La Défense submarket.”
