A fund advised by JP Morgan Asset Management has acquired a 4,650 m2 office building in the 7th arrondissement of Paris for an undisclosed amount.
Built in the 1930s, the 10-storey complex located at 13-15 rue Cognacq-Jay will be redeveloped ‘to provide modern, high-quality working spaces for the building's future occupants’.
‘We are delighted to have the opportunity to improve the operation and energy performance of buildings that are part of the Parisian heritage,’ said Jean-Philippe Vergnol, head of Real Estate Investments France-Benelux at JP Morgan Asset Management.
‘This acquisition is in line with our strategy of repositioning office assets in Paris in sectors that are popular with users over the long term. We are working on a project that will take into account the current demands made by companies wishing to remain in the centre of Paris: more flexible occupancy, more collaborative and meeting spaces, great accessibility with soft mobility, warmer buildings with lots of light, which combine accessible green outdoor spaces and quality services.’
The group plans to start marketing this project to potential user(s) next year.
Crédit Agricole CIB is financing the acquisition and renovation of the building through a green mortgage.
The buyer was advised by Valream, Studios Architecture, Étude C&C Notaires, Gide Loyrette Nouel, Lacourte Raquin Tatar, Allen & Overy, Arcadis, Ramboll, Chatham Financial, TSLO, Cushman & Wakefield; the bank was advised by DPBM, Étude Wargny-Katz, Drees & Sommer, Knight Frank Valuation & Advisory.