Tishman Speyer Acquires Delta Building in Paris | Announcements | Tishman Speyer


Tishman Speyer Acquires Delta Building in Paris

New York, NY August 4, 2010

Tishman Speyer announced today that it has acquired the Delta Building in Paris, thereby further expanding the firm’s portfolio in Europe. The 248,000-square-foot building is located in Boulogne, in the area of quai du Point du Jour on the River Seine. The Delta Building was built in 1992 and refurbished in 2008, and is home to the Organization of Economic Cooperation and Development (OECD) headquarters in France, and French television network TF1.

This is the third acquisition in Paris for the Tishman Speyer European Core Fund, following the acquisition of Bristol-Myers Squibb’s headquarters in a sale lease-back transaction and AXA Corporate Solutions’ headquarters in the 9th district of Paris last year.

Tishman Speyer Head of Europe Michael Spies said, “The Delta Building nicely complements our existing Paris portfolio, which exceeds 3.2 million square feet. We are especially pleased to add this third Paris asset to our pan-European core office fund, which has now grown to exceed €500 million, and we look forward to the continued expansion of this fund across Europe’s primary cities.”

Tishman Speyer Head of France Bernard Penaud added, “We are very pleased to have acquired the Delta Building, which has a prominent presence on the River Seine in western Paris, and accommodates two great organizations in the OECD and TF1. We look forward to working closely with these important tenants in the years ahead.”

Tishman Speyer acquired the building from a client of Axa Real Estate. It worked with legal counsel Wargny Katz, law firm De Pardieu Brocas Maffei and technical consultant EC Harris. The bank financing for the acquisition was provided by Helaba and DekaBank. CB Richard Ellis was the transaction agent.

Tishman Speyer also announced today that it has renewed and extended the lease with SNCF in the Lumière Building in Paris. The lease is for over 145,000 square feet and involves a new nine-year term. SNCF is the state-owned French railways company and has been a tenant in the building since the early 2000s.

About Tishman Speyer (www.tishmanspeyer.com)

Tishman Speyer is one of the leading owners, developers, operators and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York’s Rockefeller Center and Chrysler Center, Berlin’s Sony Center, and Torre Norte in São Paulo, Brazil.