PARIS 13 July 2021 – CBRE Global Investors, on behalf of Zurich Insurance Plc, has acquired in an off-market deal, an office building located at 17 rue d’ Astorg in Paris 8 th district. The vendor was a French institution.
The c. 2,000 sq m core office building is arranged over six floors and four basement levels. It is located in the heart of Paris’s CBD and is in one of the most prestigious and sought-after areas, with financial service companies and law firms tending to be the traditional tenant base. Built in 1909 and restructured in 1992, it is situated at the corner of rue d’Astorg and rue Roquépine and benefits from excellent transport links with immediate access to the metro and is in close proximity to Saint Lazare’s transport hub.
The asset is let in its entirety to a recruitment agency specialising in finance and insurance and is their headquarters.
Matthias Hübner, Head of Real Estate Europe, Zurich Insurance Group, said: “This acquisition demonstrates Zurich’s confidence in the office sector in strong locations in Europe. Paris’s CBD is one of the most liquid markets in Europe, and this attractive headquarters in a corner building will deliver sustainable rental income over the long term.”
Gautier Beurnier, Country Manager France, CBRE Global Investors, commented: “This acquisition reflects our client’s investment strategy targeting assets that are both liquid and defensive and with appreciation potential over the medium to long term. It is a strong addition to their portfolio.”
Introduced by Savills, CBRE Global Investors was advised by Lasaygues and the vendor was advised by Oudot.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers