PARIS-Tishman Speyer has completed its buy of Tour Pacific, a 570,000-square-foot (53,000-square-meter) office property in the La Defénse business district, Paris. The property was acquired from Ivanhoe Cambridge.
The result of the deal is that Tishman Speyer's expands its already large portfolio in the European region, which now includes 12 buildings totaling approximately 4.4 million square feet (415,000 square meters). Among those is Tour Esplanade, adjacent to Tour Pacific. Tour Esplanade is 100% leased to the French government, following the signing of 2012's largest lease in Paris.
“We have been looking for opportunities to increase our footprints in major European cities, and Tour Pacific fits very well with the rest our portfolio,” said Tishman Speyer Co-CEOs Jerry and Rob Speyer, in a statement. “We look forward to transforming it and offering it to tenants as one of the most desirable business locations in the Paris market.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
