Tishman Speyer Acquires AXA Corporate Solutions Headquarters in Paris | Announcements | Tishman Speyer


Tishman Speyer Acquires AXA Corporate Solutions Headquarters in Paris

Paris, France November 11, 2009

Tishman Speyer announced today that it has acquired a 140,000-square-foot (12,800-square-meter) classic headquarters office building in central Paris. The transaction was in the form of a sale/long-term lease-back. The firm paid approximately $95 million (€65 million) to acquire the property from SCI Vendome on behalf of its Tishman Speyer European Core Fund, a growing pan-European portfolio of office buildings.

The building, located near the Gare St. Lazare, at the border of the 8th and 9th Arrondisements, serves as the corporate headquarters of AXA Corporate Solutions. The company will continue to occupy the historic building under a long-term lease.

Tishman Speyer has been investing and developing in the Paris market for 15 years, and this acquisition will bring its current portfolio of properties in Paris to 3 million square feet.

Bernard Penaud, managing director and head of Tishman Speyer’s activities in France, said, “We’re very pleased to have identified this opportunity to invest in an outstanding property with a world-class tenant committed to be here for the long term.”

Tishman Speyer President and Co-CEO Rob Speyer commented, “Tishman Speyer has become a major developer and investor in Europe through careful selection of the best opportunities on behalf of our clients. Our objective is to develop and acquire world-class properties in world-class cities, providing top-quality office environments and residences in those markets. The acquisition announced today is consistent with that objective.”