Tishman Speyer Acquires Office Property in Paris | Announcements | Tishman Speyer


Tishman Speyer Acquires Office Property in Paris

Paris, France June 10, 2013

Tishman Speyer today announced it has completed the purchase of Tour Pacific, a 570,000-square-foot (53,000-square-meter) office building in Paris, France. The property, located in the La Defénse business district, was acquired from Ivanhoe Cambridge.

The acquisition expands Tishman Speyer’s already large portfolio in the region, which now includes 12 buildings totaling approximately 4.4 million square feet (415,000 square meters). Among them is Tour Esplanade, which is adjacent to Tour Pacific. Tour Esplanade is fully leased to the French government, following the signing of 2012’s largest lease in Paris.

Completed in 1992, Tour Pacific features a 24-story, two-tower design. It is approximately 70 percent occupied, primarily by Société Générale, which has a short-term lease expiration. Tishman Speyer will undertake a full renovation that will include significant sustainability improvements. The firm has emerged as a sustainability leader in France with more than half of its portfolio achieving certified high environmental ratings, including three buildings ranked among France’s top 10.

“We have been looking for opportunities to increase our footprints in major European cities, and Tour Pacific fits very well with the rest our portfolio,” said Tishman Speyer Co-CEOs Jerry and Rob Speyer. “We look forward to transforming it and offering it to tenants as one of the most desirable business locations in the Paris market.”

Financing for the transaction was provided by Helaba Landesbank Hessen-Thüringen and Deutsche Pfandbriefbank.

ABOUT TISHMAN SPEYER (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of December 31, 2012, the firm had acquired, developed and/or managed a portfolio of over 123 million sq. ft. with a total value of over USD $63.6 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, São Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, São Paolo, San Francisco, Shanghai, Suzhou and Tianjin.