The KanAm Grund Group has acquired a building built in 1880 in the so-called Haussmann style in the center of Paris near the Champs-Elysées in the Rue Marbeuf, which KanAm Grund will reposition for the investor.
Property 35 MARBEUF is located in the heart of the Golden Triangle in downtown Paris and was acquired for the special fund of a north German pension fund. The property will be completely overhauled and then converted to an office property with retail space. An environmental certification according to BREEAM is aimed for.
The KanAm Grund Group has had a permanent branch in Paris since 2005 near the property 35 MARBEUF. The Paris team is supported in this project by the KanAm Grund Group’s development department, which is also experienced in European markets. The team in Paris has also implemented six major renovation and repositioning projects very successfully in the past few years and was responsible for more than EUR 1.9 billion in project volume.
The KanAm Grund Group team in Paris, reinforced by the Development Management Europe department, will monitor the repositioning phase, which is scheduled for almost two years, as has already been successfully implemented in several similar projects in Paris. In Paris, the Quai d’Orsay property in the Central Business District (CBD) deserves special mention. Here an existing property was completely renovated and optimized after the long-term tenant moved out. The successful development is evidenced by a long-term follow-up letting, which was concluded six months before the end of the construction work for a prime rent.
The 35 MARBEUF building is located in the 8th arrondissement of Paris, which, with 3 million sqm of office space, is the capital’s most important business district and houses the most prestigious luxury and fashion brands, major financial institutions and important French and international law firms. The parties have agreed not to disclose the purchase price.
