Rockspring Property Investment Managers and joint venture partner Générale Continentale Investissements (CGI) have completed the sale of Eden Monceau, a 6,400 sq m (69,000 sq ft) prime central Paris office complex, to REAL I.S. The sale follows the recent letting of the entire building to international law firm Shearman & Sterling LLP on a 9 year lease.
Eden Monceau, which is located on rue Jacques Bingen in the 17th arrondissement, was acquired by Rockspring and GCI in January 2013. It has since undergone and extensive renovation, designed by architects Hardel & Le Bihan, which was completed earlier this year.
The refurbished property offers large and flexible floor plates of Grade A office accommodation arranged around a central patio together with 1000 sq m (over 10,000 sq ft) of terraces and outside garden space.
Commenting on the disposal Raphael Raingold, Head of Investments at GCI, said: “We are pleased to have completed the sale of Eden Monceau, having deployed an extensive asset management programme to better meet current and future tenant requirements.
“Shearman & Sterling LLP is a high profile tenant, and REAL I.S. is a recognised long term holder of class A assets. Together these transactions highlight our successful partnership with Rockspring.”
Lionel Nicholas, Managing Director for France at Rockspring, added: “The successful leasing and subsequent sale of this building, in conjunction with our partner GCI, realises our strategy to capitalise on the strong occupational demand for high quality office space from international companies in central Paris, by delivering a best in class building to the rental market and realising a strong return for our investors through its sale.
“Through deploying an extensive asset management programme, we have optimised the existing asset creating value for our clients and investors.”