Tishman Speyer has sold an eight-storey office building in Paris to JRQUIPP, an OPCI backed by Korean institutional investors.
Le Cristalia, located in Rueil-Malmaison in the west of the French capital, was built in 2002 and has a total lettable area of 21,749 m2 plus 651 parking spaces. Facilities also include a gym, restaurant, meeting rooms and a 151-seat auditorium.
Tishman Speyer has undertaken a complete refurbishment of the building since acquiring it in 2008 through its fund The Vendor. The principal tenant is biopharmaceutical company Bristol-Myers Squibb.
Both parties agreed not to disclose the purchase price.
Francois Menagé, of Balzac REIM, who advised the buyer, said: 'This acquisition is the perfect addition to our client’s global portfolio. The asset presents a solid investment in a fantastic office building in a core market.'
Tishman Speyer was advised by Strategies & Corps, Paul Hastings and Wargny Katz, while JR AMC, Linklaters, Les Notaires du Quai Voltaire, Swiss Life REIM (France) and Denjean & Associes acted for the buyer. The purchase was financed by Berlin Hyp.