French listed property developer and investor Icade has announced plans to completely renovate its Descartes tower at La Défense business district in Paris. The company said its decision follows the imminent departure of the sole tenant in the skyscraper, IBM, which will vacate the building by year-end.
French listed property developer and investor Icade has announced plans to completely renovate its Descartes tower at La Défense business district in Paris. The company said its decision follows the imminent departure of the sole tenant in the skyscraper, IBM, which will vacate the building by year-end.
'Once the work is completed, these premises will be a prime example of renovation providing a sustainable development initiative, HQE/BREEAM certification, and offices of an international standard,' the company said.
Icade, the property arm of the Caisse des Dépôts Group, plans to invest some EUR 250 mln in the redevelopment of the building, which is due for delivery by the end of 2012. The Descartes tower provides a net usable floor space of nearly 90,000 m2 across 41 storeys and 1,200 parking spaces. The work will be managed by Icade's property development division.
