Following the departure of the previous tenant, and after negotiations initiated in 2017, the newly delivered asset will house the headquarters of Galeries Lafayette, the French leader in department stores.
Allianz Real Estate acquired the building in 2012 and launched its redesign in 2018. The project was led by the architectural firm DTACC and executed by Spie Batignolles, and marks the second major restructuring of the building.
The asset has received a range of certifications, including HQE Exceptional, WELL Gold, Effinergie Rénovation, Wiredscore Gold and BREEAM Very Good, as well as the label BiodiverCity. The asset will also feature a 1,350 sqm rooftop with a garden, accessible to the public, making it one of the greenest buildings in the area. It will also meet the requirements of the Tertiary Decree, ensuring the highest standards of energy efficiency, sustainability and tenant well-being.
"Allianz Real Estate has delivered this state-of-the-art redevelopment project while optimising the building's intrinsic value for our investors and our tenant, Galeries Lafayette," said Alexander Gebauer, CEO of Allianz Real Estate for Western Europe. "We have a strong track record in transforming core, often historic, buildings in Europe – including the recent redevelopment of Rome's 19th century Palazzo Marignoli in June this year – into best in class, smart assets that achieve the highest sustainability standards and meet today’s expectations of high-profile tenants."
Laetitia Archambault, Head of Asset Management France and The Netherlands at Allianz Real Estate, said: "We are delighted to be able to support Galeries Lafayette, in their long-term development. The newly delivered office and its fittings will enable us to meet the current expectations of users, particularly in terms of well-being, flexibility and sustainable development. This early contract with Galeries Lafayette and the efficient restructuring of this asset is a testament to our strategy of long-term value creation, anticipation of user expectations, partnership with our tenants and our extensive on-the-ground capabilities."
Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.