Tishman Speyer and Canada’s Public Sector Pension Investment Board (PSP Investments) have sold Tour Pacific, a 53,000-square-metre office building located in Paris’ business district.
No financial terms were disclosed. The buyer was Société Générale Insurance, the insurance business line of France’s Société Générale Group.
PSP Investments and Tishman Speyer, a U.S. real estate investment firm, acquired the property in 2013.
PSP Investments and Tishman Speyer complete sale of major Paris office property to Société Générale Insurance
LONDON, PARIS and MONTRÉAL, Nov. 7, 2018 /PRNewswire/ – Tishman Speyer, one of the world’s leading owners, developers, operators and fund managers of first-class real estate around the world, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investment managers, today announced the sale of Tour Pacific to Société Générale Insurance for an undisclosed amount.
PSP Investments and Tishman Speyer acquired the 53,000 sq.m. office building, located in Paris’ La Défense business district, in 2013. Following an extensive renovation and refurbishment program that transformed this 20-year-old office tower into a modern and efficient building, they have successfully leased approximately 50,000 sq.m. to over 30 tenants including CA Technologies, McAfee, Whirlpool, Manhattan Associates, RSA, NTT and Accenture.
Tour Pacific’s tenants benefit from an iconic and modern design, direct access to natural light and a rooftop garden, in addition to new amenities such as a lounge, conference centre and fitness space. The building is also well-connected to major transport hubs, making it easily accessible by bus, metro, train and tram. The building is certified HQE Exploitation Excellent and Wired Certified Platinum.
“Tishman Speyer is very proud of our contribution to the transformation of Tour Pacific,” said Philippe Joland, Senior Managing Director, President of Tishman Speyer France SAS. “Our goal was to attract clients in the 800-3,000 sq.m. segment by creating a highly appealing office building with new services and amenities, while providing a great work environment for the end users. We also believe that managing the asset directly creates additional value through the development of a unique relationship with the tenants. Tour Pacific has become a long-term, high-quality asset with a core profile as evidenced by the sale to Société Générale Insurance.”
“Tour Pacific is an exemplary case of PSP’s ability to align itself with best-in-class partners to execute on tactical value creation strategies in core global markets,” said Stéphane Jalbert, Managing Director, Real Estate (Europe and Asia Pacific) at PSP Investments. “Tour Pacific was modernized through a comprehensive refurbishment to meet the demands and expectations of today’s tenants, while taking advantage of the unique building design and vibrant La Défense submarket.”
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with CAD$153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 28 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 167 million square feet with a total value of approximately US $88 billion spread over 406 assets. Signature assets include New York City’s Rockefeller Center, São Paulo’s Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office properties in Berlin, Chicago and London.
About Societe Generale Insurance
Societe Generale Insurance is at the heart of Societe Generale Group’s development strategy, in synergy with all its retail and private banking distribution networks in France and abroad. Societe Generale Insurance also pursues the expansion of its distribution model through the development of external partnerships. Present in France with Sogecap, Antarius, Sogessur and Oradea Vie, and in 10 countries abroad, Societe Generale Insurance offers a full range of products and services to meet the needs of individual, professional and corporate clients in Life Insurance Savings, Retirement Savings and Personal Protection. Drawing on the expertise of its 2,600 employees, Societe Generale Insurance posted revenues of 11.8 billion euros in 2017. It manages 114 billion euros of outstandings and 22 million contracts. Sogecap is rated A- by Standard & Poor’s. For more information, you can follow us on Twitter @SG_Assurances or visit our website http://www.assurances.societegenerale.com.