French property giant Foncière des Régions (FDR) and Morgan Stanley Real Estate Funds said on Wednesday that they have delivered the Vélizy Campus project to software provider Dassault Systèmes. The company and its 2,500 staff will use the new 60,000 m[sup]2[/sup] scheme as their global head office. The operation was carried out by a 50-50 partnership between FDR and Morgan Stanley, and represents an investment of close to EUR 210mln.
French property giant Foncière des Régions (FDR) and Morgan Stanley Real Estate Funds said on Wednesday that they have delivered the Vélizy Campus project to software provider Dassault Systèmes. The company and its 2,500 staff will use the new 60,000 m2 scheme as their global head office. The operation was carried out by a 50-50 partnership between FDR and Morgan Stanley, and represents an investment of close to EUR 210mln.
Located at the heart of a strongly developing area, the scheme consists of four buildings and represents the largest high-quality environment (HQE) certified private operation seen to date in France. Dassault Systèmes will occupy the premises on a 12-year closed lease, generating annual rent of EUR 18.6mln. The Vélizy Campus site offers potential for a 20,000 m2 extension.
In a statement, FDR said the operation represents the first stage in the redevelopment of a 18-hectare site, which was initially acquired by FDR, Morgan Stanley Real Estate Funds and FSA Properties in 2003. Located in the Vélizy-Meudon business district, the site comprises 130,000 m2 of offices, leased to major users such as Alstom, Thalès and Dassault Systèmes.
FDR and Morgan Stanley Real Estate Funds said they are continuing with their redevelopment strategy and currently looking into a 120,000 m2 project to be developed, in one or more phases, under similar rental partnerships to that carried out with Dassault Systèmes.
