European private equity group Perella Weinberg has mandated French developer Altarea-Cogedim to redevelop Chartis office tower in Paris.

Perella, a EUR 1.2 bn equity fund managed by Perella Weinberg, bought the 26-storey skyscraper in Paris' business district of La Defense from American International Group's property casualty business Chartis in March this year, according to well-informed market sources. The financial details of the transaction were not revealed.

The asset - formerly known as AIG tower and then CB15 - offers some 30,000 m2 of office accommodation.

It was designed by architects Arsène-Henry et Shoeller and initially completed in 1967.

Perella intends to renovate the tower to bring it up to the latest environmental standards. The work will start in late 2012, with completion expected for the end of 2013.

Perella Weinberg, who is led by Leon Bressler, former CEO and chairman of Unibail, has made a number of acquisitions in France in the past years including the purchase from Goldman Sachs of a substantial chunk of the Commercial Morgage Backed Securities (CMBS) backed by the landmark Coeur Defense scheme, also in the Parisian business district.