Franco-Dutch property group Unibail-Rodamco said on Friday that it has reached an agreement with the Epadesa public authority for the development of the Phare tower at Paris' financial district of La Defense. Epadesa's board has approved the technical and financial terms for the finalisation of the project which will involve an investment of around EUR 900 mln.
Franco-Dutch property group Unibail-Rodamco said on Friday that it has reached an agreement with the Epadesa public authority for the development of the Phare tower at Paris' financial district of La Defense. Epadesa's board has approved the technical and financial terms for the finalisation of the project which will involve an investment of around EUR 900 mln.
The agreement will be formalised in the first quarter of 2011 in the form of a promise to sell the rights to construct a 69-floor tower with 125,000 m2 of gross lettable area by 2012. Unibail-Rodamco mandated American architect Thom Mayne in 2006 for the realisation of an iconic 300-metre high office which would serve as 'architectural symbol of the renewal of the La Défense business'.
Located between the Grande Arche and the CNIT, the Phare Tower is expected to be delivered in 2016 and will reinforce the Unibail-Rodamco Group's historical presence in La Défense which began with Project Coeur Défense and continued with les Quatre Temps shopping centre, the CNIT complex as well as the Majunga Tower, due for delivery at end-2013).
'Both in terms of its outstanding economic or environmental contribution and its immeasurable height, the Phare Tower will mark a new phase in the infrastructural landscape of the Île-de-France region,' said Guillaume Poitrinal, CEO and Chairman of the Unibail-Rodamco management board.
Unibail-Rodamco is a leading European listed commercial property operator, investor and developer. It is present in 12 countries across the continent with a portfolio of shopping centres, offices and convention-exhibition venues valued at EUR 23.3 bn.