France Telecom/Orange agrees to pre-let 32,000-m[sup]2[/sup] Paris project

Private equity real estate investor MGPA and French investor-developer Generale Continentale Investissements (GCI) have pre-let the Balthazar building in Paris to France Telecom/Orange.

The Balthazar development is situated on the Place des Droits de l'Homme in the Saint Denis business district north of Paris. The property was purchased in partnership by MGPA, on behalf of MGPA Europe Fund II, and GCI in December 2006 from developer Dixence/Sogelym Steiner.

Upon completion, the building will be a 32,639-m² Grade A office complex consisting of two independent seven-floor wings linked by an atrium, 430 internal parking spaces, along with a brasserie and a small retail component. The building is situated next to the RER B station.

Olivier Vellay, head of acquisitions, France at MGPA, commented; 'The Saint Denis office market has been evolving over the past few years into an established business district, with a sustained strong demand for Grade A office space from large and international corporations from a wide range of industries in the area. We are delighted that France Telecom/Orange will be taking on the lease and look forward to making further investments in the region in the future.'

Bruno Amsellem, head of Key Client Agency team at Jones Lang LaSalle, confirmed this to be the second-largest office letting in Saint Denis over the past 10 years and the largest over the past three years in the north of Paris. It was among the six most significant relocations in Ile de France in 2008. In 2008, 100% of lettings of over 30,000 m² were in new buildings.

MGPA and GCI were advised by Jones Lang LaSalle and Gide Loyrette Nouel and the client were advised by Jones Lang LaSalle.