JP Morgan Asset Management has acquired the former headquarters of gas company Gaz de France in Paris for an undisclosed amount.

JP Morgan Asset Management has acquired the former headquarters of gas company Gaz de France in Paris for an undisclosed amount.

The vendor was French energy giant GDF Suez.

The property is located at 23 rue Philibert Delorme in Paris’ 17th district. It was completely redeveloped in 2002 and comprises 21,500 m2 of office space. It was vacated last December and will be entirely renovated by the new owner in 2015 and 2016 in order for it to be repositioned for letting on the Paris rental market. The property’s immediate environment is undergoing transformation with the arrival of the tramway T3 in 2017 which will link to Clichy Batignolles and to the Paris metro lines 13 and 14.

The notary firm, Allez & Associés, as well as the law firm Gide, Loyrette, Nouel, advised the buyer on the acquisition. Allen & Overy advised the acquirer for tax structuring and financing.

The transaction was financed by HSBC France, assisted by notary firm Wargny Katz and law firm, Gide, Loyrette, Nouel. BNP Paribas Real Estate advised the vendor on the sale of the property. This transaction was done in partnership with S2i.

JP Morgan Asset Management – Global Real Assets has more than $82 bn (€77 bn) in assets under management and 400 professionals in the US, Europe and Asia Pacific, as of end-December 2014.