Agent CBRE has been appointed by US Group Beacon Capital Partners to manage the 231-metre high Tour First in La Défense, the tallest skyscraper in France.

Agent CBRE has been appointed by US Group Beacon Capital Partners to manage the 231-metre high Tour First in La Défense, the tallest skyscraper in France.

The tower was comprehensively refurbished between 2007 and 2011 including recladding and adding extra height. It provides over 80,000 m2 of total usable floor space including a 250-seat conference area and restaurants.

In October last year Beacon - which in France is led by Jean Marc Besson - secured a €515 mln refinancing deal on the skyscraper from a lenders' group, including Aareal Bank and pbb Deutsche Pfandbriefbank.

CBRE will take responsibility for the property management of Tour First, adding the asset to its 'Global Premier Property Club' of 260 properties worldwide. It is the second high-profile mandate this year following CBRE's recent appointment to manage the 27,600 m2 Torre Oriente in Lisbon.

La Défense office market has seen a flurry of activity by US value-add and opportunistic capital looking to create value by regearing the leases. In total, over €2.5 bn of foreign capital was invested in the French financial district in the past 18 months, according to data from BNP Paribas Real Estate.

Recent deals include Lone Star's purchase of Coeur Défense - the largest office complex in Europe, as well as the acquisition by US developer-investor Tishman Speyer of the 53,000 m2 Tour Pacific. Similarly, a joint venture of Hines and the South Korean sovereign wealth fund NPS last year bought Tour Sequana while a partnership of global investment manager LaSalle and Swiss-based Quantum Global Real Estate, acting on behalf of an African fund, carried out the €161 mln purchase of Tour Blanche.