South Korean real estate investment trust JR AMC has acquired an office building in Paris, Le Cristalia, for $194 million(220billion won) on behalf of Hana Financial Investment Co. Ltd from Tishman Speyer, a US real estate investment firm, according to Korean media reports.
Le Cristalia is a freehold office building located in the heart of Rueil-Malmaison, an established submarket of the western district of Paris. There are local headquarters of global companies in the region such as Peugeot Citroen Group, Unilever, Total, Danone, and Kia Motors.
Designed by Jean-Paul Viguier and built by Bouygues, Le Cristalia consists of three interlinked sections laid out in a bow curve, offering excellent internal flexibility. Le Cristalia has a total rentable area of 217,670 square feet spread over seven above-ground levels and 651 parking spaces.
The Grade A specifications of the building include large, flexible floor plates measuring approximately 32,292 square feet, with 9 feet of free height and 59 feet of depth. Le Cristalia is entirely leased to Bristol-Myers Squibb, a leading worldwide biopharmaceutical company.
JR AMC expects an annual return of 8.5% to investor.