Tishman Speyer has completed the purchase of Tour Pacific, a 53,000 sqm office building in Paris, France. The property, located in the La Defénse business district, was acquired from Ivanhoe Cambridge.
The acquisition expands Tishman Speyer’s portfolio in the region, which now includes 12 buildings totaling approximately 415,000 sqm. Among them is Tour Esplanade, which is adjacent to Tour Pacific. Tour Esplanade is fully leased to the French government, following the signing of 2012’s largest lease in Paris.
Completed in 1992, Tour Pacific features a 24-story, two-tower design. It is approximately 70 percent occupied, primarily by Société Générale, which has a short-term lease expiration. Tishman Speyer will undertake a full renovation that will include significant sustainability improvements.
Financing for the transaction was provided by Helaba Landesbank Hessen-Thüringen and Deutsche Pfandbriefbank.
