The three buildings that Axalto will occupy comprise the entire first phase of the Meudon Campus, which will be completed this year. The other two office buildings, and a retail structure, which together contain 248,000 sf, are still available for lease and are scheduled for completion at the end of 2006. The asking lease rate is $49.81 per sf per year, according to sources in Paris.
The sale of Hines' interest in the campus to Vendôme Croidor is scheduled to close this month. Hines will continue on as the development manager, a company source tells GlobeSt.com.
Hines European Development Fund was launched in 2002 with euro 450 million of equity. The fund invests in class A commercial and residential real estate projects in large European capital cities.
AXA Real Estate Investment Management Group is wholly owned by AXA Investment Management, which is part of the AXA Group conglomerate. AXA REIM manages assets totaling euro 26 billion.
CB Richard Ellis Bourdais represented AXA and Hines in the lease negotiation.
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