French REIT Gecina has secured flexible office group WeWork as tenant for its entire Le France building on Paris’ Left Bank.
Currently being redeveloped, the building will offer a total of nearly 20,000 m2 and will be delivered in October 2018.
WeWork has agreed a 12-year lease on the asset, just a few weeks after having pre-let a 12,000 m2 building owned by Gecina at 7 rue de Madrid, in Paris' 8th arrondissement, starting from the second quarter of 2020.
The lease takes Gecina's pre-letting rate for committed projects to be delivered in 2018 to approximately two-thirds.
Gecina's CEO Méka Brunel said: 'This transaction once again confirms the very good performance by office markets in the Paris Region’s most central sectors, where the supply of quality properties is limited, enabling the Group to continue building on its dynamic value creation approach, thanks in particular to its pipeline.'
