French commercial proeprty investor Icade has completed the sale of the Grand Central building in Marseille (Bouches-du-Rhône).
This emblematic building is ideally located in the 1st district of Marseille, a stone’s throw from the Old Port and close to the Euroméditerranée urban renewal project.
Built in 1936 by architect Auguste Bluysen, it was formerly owned and occupied by La Poste.
Acquired off-plan in September 2021 from Arkadea, the building was overhauled by SUD architectes, with the support of the operational teams at Icade Promotion and La Poste Immobilier. Grand Central now features around 8,500 sq.m of office space, including a coworking space and a range of amenities and restaurants, as well as a rooftop terrace covering over 110 sq.m with a panoramic view of Notre-Dame de la Garde Basilica and the Old Port.
In addition, this state-of-the-art building has obtained the best environmental certifications (HQE BD Excellent and BREEAM RFO Very Good, WiredScore Gold label).
The Grand Central building was sold to its occupant at a capitalisation rate of under 4.5%. This new transaction brings the volume of disposals since the beginning of the year to c. €150m.
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!