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Hammerson Buys New Paris Office Site

Hammerson has bought a site off the prestigious boulevard Haussmann for a 335,000 sq office scheme due for completion in 2003. The project aims to take advantage of the current shortage of prime offices in the French capital.

By Graham Parker | Updated on July 16, 2001

PARIS-UK-based investor Hammerson has exchanged contracts on a block of buildings centred around 14 boulevard Haussmann in central Paris, for € 175 million ($150 million). The block will be redeveloped to create 335,000 sf of high quality offices in one of Paris’s top business locations.

The buildings are 14 boulevard Haussmann and 1-3-5-7-9 rue Pillet Will, in the ninth arondissement. The properties are currently vacant and have an existing building permit. Hammerson plans to create two adjoining buildings, capable of either being marketed separately or interconnected to provide floor plates of around 21,500 sf.

Estimated total development costs are € 290 million ($247 million) and work will begin on site this year with completion scheduled for mid 2003.

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