French privately-held investment firm Ardian has announced the sale of a premium office building, centrally located at 14 rue des Pyramides in Paris’ first arrondissement, to the Caisse de Retraite du Personnel Navigant (CRPN). Financial details were not disclosed.
CRPN’s staff will relocate to the building towards the end of 2021.
The 3,700 m2 building is centrally located in the Paris central business district. The Haussmann-style building consists of two interconnected five- and six-story buildings, organized around a central courtyard.
The asset is currently undergoing a complete refurbishment that will increase the office’s capacity, bringing it up to prime market standards and ensuring it meets stringent environmental requirements. The complex will offer flexible workspaces for its tenants.
Stéphanie Bensimon, head of Ardian Real Estate, said: ‘This successful sale, despite the uncertain context, is another example of our strategy which is rooted in cutting-edge redevelopment of obsolete, albeit well-located, commercial real estate assets. We conduct these overhauls in France and across Europe – to prepare buildings and their tenants for the future. We are confident that the building will provide a modern and enjoyable work environment for all of the Caisse's employees.’
CBRE brokered the deal.
