US investor Tishman Speyer has teamed up with Canada’s Public Sector Pension Investment Board (PSP Investments) to sign two major acquisitions in central Paris.
The two partners bought the Tour Cristal as well as the Carre´ Saint- Germain office complex, in a separate transaction with AXA IM – Real Assets acting on behalf of clients.
The prime 26,000 m2 Cristal office tower is located in the 15th Arrondissement – the heart of the French capital. Built in 1990, the Tour Cristal was the last tower to be developed in the ‘Front de Seine’ area and is to date among the last high-rise towers built in central Paris.
Carré Saint-Germain is a 13,800-m2 mixed-used property, on the prestigious Boulevard Saint-Germain.
Philippe Joland, senior managing director and president of Tishman Speyer France said: ‘We’re very proud of this new acquisition which is our third since the onset of the global pandemic. With this magnificent property we have a unique opportunity to reinvent office space in a way that responds to the new ways of working – while being in the heart of the ‘left bank’, where such opportunities are very rare.’
Stéphane Jalbert, managing director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: ‘The acquisition of Tour Cristal demonstrates PSP’s ability to see beyond disruption, executing a complex business plan while continuing to grow and strengthen our partnership with Tishman Speyer.’
Earlier this year Tishman Speyer and PSP Investments also joined forces to acquire the Espace Lumière building in Boulogne Billancourt from a fund managed by Invesco Real Estate for an undisclosed amount.