Weinberg Capital Partners and Henderson Park have acquired an office building in Levallois-Perret in Île-de-France in a joint venture.
Financial details were not disclosed.
The JV partners said that the 18,500 m2 asset presented 'a strong opportunity for value creation'.
The building is located around 5 km from central Paris at 49 Avenue Georges Pompidou, a strategic location just three minutes from the Metro, in the area of Levallois-Perret which is often preferred by large occupiers seeking headquarters buildings close to the city but at much more competitive rents.
Designed as a headquarters building, 49 Pompidou features 2,000 m2 floor plates, terraces on each level, panoramic views of the Seine and a triple-height lobby offering occupiers views towards a large interior garden, one of the few in the area. The building is currently partially occupied by the seller.
Henderson Park and Weinberg Capital Partners intend to undertake a renovation project to improve the building’s environmental credentials, enhance outdoor spaces and implement numerous services aimed at improving the quality of work life.
This acquisition strengthens the joint venture's portfolio following the completion of its L'Arche de La Défense project.
Jean-Philippe Olgiati, partner at Weinberg Capital Partners, commented: 'We are convinced of the attractiveness of labeled buildings, of medium size, with competitive rents for large users seeking quality of work life.
'Especially in the peripheral markets of the Paris Central Business District. We will be very creative in terms of services for this building to meet the users' needs.'
Christophe Kuhbier, managing director at Henderson Park, added: 'In a difficult market context, this acquisition is the result of a disciplined process of underwriting an office building with solid fundamentals and great value-creation potential as well as the opportunity to continue our joint venture with WCP and our financing partners CACIB.'