Upon completion this September, the 474,000-sf Crystal Park will become one of Paris' largest office developments. The project is situated in the middle of a 7.5-acre private wooded park between the Arc de Triomphe and the La Defense business district in Neuilly-sur-Seine.
The main building will be seven stories tall and have 64,600-sf floorplates. The building will be divisible into four separate 108,000-sf spaces. An independent 43,000-sf club building will contain a fitness club, auditorium, meeting rooms, a restaurant and dining rooms.
Valode & Pistre of Paris are the architects. The interior was designed by San Francisco based Gensler. Jones Lang LaSalle and ATIS Real Auguste Thouard were recently named co-exclusive leasing agents for the development.
"More than 40 of the world's leading corporate European headquarters and nearly 6,500 businesses are located within the Neuilly-sur-Seine submarket," says William Legge, Jones Lang LaSalle's managing director of Global Client Services. "Moreover, Paris and its surrounding suburbs remain one of Europe's strongest office markets with tight controls on new office supply and thus sustained occupier demand for the highest quality sites."
Jones Lang LaSalle could not immediately provide GlobeSt.com with the asking rate for the property, the percentage of the building already leased or the names of signed tenants. The total office supply in Greater Paris is 475 million sf, the largest market in continental Europe. The City of Paris itself contains 161 million sf of office space, of which 86 million sf is in Paris' CBD. Employment in Paris is expected to recover with the economy, increasing by an aggregate 1.1% a year during the next two years.
Whitehall and General Continental formed a joint venture in 1997 that acquires office buildings in France. To date, this partnership has acquired a portfolio of projects worth over 5 billion French francs. Over the past five years, Whitehall and General Continental Properties have invested in projects in Paris, Bercy, Issy les Moulineaux, Boulogne, Neuilly, Levallois, St. Denis, LaDéfense, Nanterre and Lyon Part Deiu.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
