Société de la Tour Eiffel (STE) has leased over 7,000 m[sup]2[/sup] of office space in its flagship Domino mixed-use project in Paris, increasing the occupancy rate across its development portfolio to over 80%.
Société de la Tour Eiffel (STE) has leased over 7,000 m2 of office space in its flagship Domino mixed-use project in Paris, increasing the occupancy rate across its development portfolio to over 80%.
The signing of these two major leases completes the marketing of the company's 11,600 m2 office and retail development located at Porte des Lilas on the northeast border of Paris, the French listed property developer said.
STE, a SIIC or French real estate investment trust, has leased 4,000 m2 to The Centre des Monuments Nationaux on a six/nine-year lease and a further 3,000 m2 to Pôle Emploi (State outplacement agency) on a three/six/nine-year lease. Other tenants in the building are paper distributor Antalis and ground floor tenants Crédit Mutuel, as well as NMPP and Espace Fleurs.
The property generates a total yearly rent of EUR 3.6 mln, which represents 5% of the company's recurring income. Managing Director Robert Waterland said that the operation 'represents a most satisfactory achievement in the context of a depressed letting market attesting to the qualities of the property which has a full High-Quality Environmental qualification'. Leasing agents were CBRE and BNP Paribas Real Estate for the offices and C&W for the retail section.
STE, with a portfolio of close to EUR 1.1 bn, leased nearly 4,000 m2 of space in the complex in January this year.