French insurer Société Générale has purchased Tour Pacific in Paris from Tishman Speyer and Canada's Public Sector Pension Investment Board (PSP Investments) for an undisclosed sum.
PSP Investments and Tishman Speyer acquired the 53,000 m2 office building, located in Paris’ La Défense business district, in 2013. Following an extensive renovation and refurbishment programme, around 50,000 m2 was let to over 30 tenants including CA Technologies, McAfee, Whirlpool, Manhattan Associates, RSA, NTT and Accenture.
The building is certified HQE Exploitation Excellent and Wired Certified Platinum.
'Tour Pacific has become a long-term, high-quality asset with a core profile as evidenced by the sale to Société Générale Insurance,' said Philippe Joland, senior managing director, president of Tishman Speyer France.
'Tour Pacific was modernised through a comprehensive refurbishment to meet the demands and expectations of today’s tenants, while taking advantage of the unique building design and vibrant La Défense submarket,' said Stéphane Jalbert, managing director real estate (Europe and Asia Pacific) at PSP Investments.
AEW advised Société Générale on the transaction and will manage the investment on their behalf.