A joint venture between Benson Elliot, the London-based private equity real estate manager, Générale Continentale Investissements (GCI), the Paris real estate investment group, Canadian institution Alberta Investment Management Corporation (AIMCo) and 21st Capital, has pre-let the entirety of its Latitude office building to Sopra Steria.
The European consulting, digital services and software development firm has signed a nine-year lease, and will take occupancy in Q4 2021.
Latitude is due to complete in early 2021, and will deliver 22,000 sqm of top quality modern office space in the heart of La Défense in Paris. Spread across eight floors, it is one of the only low-rise office buildings in La Défense, a market typically dominated by tower blocks. The completed building will feature expansive 2,220 sqm floorplates (a rarity for the market), a double height reception, co-working areas and a new restaurant / cafeteria.
“We are delighted to be welcoming Sopra Steria’s “France” reporting unit to their new offices. This significant pre-letting validates the build-to-core investment strategy Benson Elliot has been deploying across Europe in recent years, creating prime office schemes in markets with strong occupational fundamentals. When we bought Latitude we had a conviction view that the building was the right product for large occupiers seeking top quality office accommodation in a highly sought-after market,” said Rémi Monglon, Principal and Head of France at Benson Elliot, commented:
“Our intention with this development was to create a state-of-the-art office building replying to the needs of occupiers today. We invested in creating an environment that focuses on the quality of life of its users. This transaction has confirmed our strategy to develop leading and innovative office buildings tailored to tenants needs,” added Sharon Raingold, Partner and Managing Director at GCI.
La Défense is Europe’s largest business district, home to over 500 international industrial and financial companies, including Total, IBM and Société Générale. It has excellent public transport connections to central Paris, with accessibility set to improve further with the upcoming extension of the RER E line connecting directly to Gare du Nord (Eurostar).