STE completes leasing of Paris' Domino project

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.