Allianz Real Estate, the property arm of the global insurance giant, has acquired a flagship mixed-use development in Paris from pan-European player Mark.
Mark acquired Pershing Hall in 2018. The company, formerly known as Meyer Bergman, invested over €20 mln into modernising and repurposing the building.
The former five-star hotel has been repositioned into a high end office, retail and F&B destination, with tenants including New York brands Sadelle's and Kith.
The upper floors, totalling over 14,000 ft2 (1,300 m2), have been converted into offices, now leased to a leading US investment bank and strategy consultant. The asset has secured BREEAM Good certification and is on track for a BREEAM Very Good In-Use certification.
Pershing Hall, originally a 19th century mansion, was acquired in 1928 by the American legion to serve as a World War One memorial. It was then later transformed into a luxury hotel in the mid-20th century.
Philippe Bidaud, managing director of Mark in France and board member, said: 'Pershing Hall is a perfect demonstration of Mark's ability to convert iconic but obsolete, single-use buildings into state-of-the-art mixed-use assets.
'The investment we made into transforming the building enabled us to attract leading brands as occupiers and exit the asset to a long-term institutional investor.'
Ronnie Fieg at Kith said: 'Mark played a role in bringing our vision to life, working collaboratively with the Kith team and design firm Snarkitecture to create a space that was modern, reflective of our brand ethos yet still respectful of the building's heritage.'
