The building is located in Paris' 13th Arrondissement. The facility serves as the citywide headquarters for the traffic division of the Paris Police Department. It was renovated in 2004 and includes 363 indoor parking spaces on five underground floors.
The seller was from Immeubles J-L L-P SAS and SNC Paris 13ME. Corporate Property Associates 16 and Corporate Property Associates 15 are the new owners.
According to SEC filings, the funds each acquired 50% of the land and buildings in July with $78.58 million in financing. The Paris Police Department expires in June 2019 and does not provide for any renewal options. The annual lease cost is $6.05 million (based on the exchange rate in July), according to the filing. Information on the French government lease was not detailed.
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