Rockspring, GCI sell Paris office complex after lease

A joint venture of UK investment manager Rockspring and French private firm Générale Continentale Investissements (GCI) has announced the sale of the Eden Monceau central Paris office complex, to Real IS, acting on behalf of an unnamed German insurance company.

The investment volume was not disclosed. The sale followed the recent letting of the entire 6,400 m2 building on a nine-year lease to Shearman & Sterling, the international law firm, which will use the asset as its Paris headquarters.

Located at 5-7-9 rue Jacques Bingen, in the 17th district of Paris, the asset is close to the CBD. It was acquired by Rockspring and GCI in January 2013 and has since undergone an extensive renovation. Completed earlier this year, the refurbished complex achieved the latest HQE, BBC and BREEAM environmental certifications.

'We are pleased to have completed the sale of Eden Monceau, having deployed an extensive asset management programme, to better meet current and future tenant requirements,' said Raphael Raingold, head of Investments of GCI.

Lionel Nicolas, managing director for France at Rockspring, added: 'The successful leasing and subsequent sale of this building in conjunction with our partner, GCI, realises our strategy to capitalise on the strong occupational demand for high quality office space from international companies in central Paris, by delivering a best in class building to the rental market and realising a strong return for our investors through its sale.'

CBRE advised Rockspring and GCI on the leasing of the building, within a co-exclusive mandate with BNP Paribas.

Shearman & Sterling was advised by CBRE and JLL, as well as Cabinet Racine.

Savills brokered the sale. The vendor was advised by Gide and l’Etude Wargny Katz. The buyer was advised by SBKG and C&C Notaires.