Tishman Speyer buys iconic mixed-use property in Paris

Tishman Speyer buys iconic mixed-use property in Paris
Carré Saint-Germain in central Paris, France

Tishman Speyer has acquired the Carré Saint-Germain, a mixed-use property in central Paris, France, with its partner the Public Sector Pension Investment Board (PSP Investments) from AXA IM – Real Assets acting on behalf of clients. The purchase price was not disclosed.

The iconic 13,800 sqm mixed-use property is located in the heart of Paris, on the prestigious Boulevard Saint-Germain. It is part of the historical Saint-Germain des Prés district and surrounded by the Seine river banks to the North and the Jardin du Luxembourg to the South.

The area is one of the most sought-after neighbourhoods in the French capital, renowned for being the centre of the artistic and intellectual life of Paris throughout the 19th and first half of the 20th century. Today, Saint-Germain des Prés continues to offer a lively Parisian environment, with numerous restaurants, cafés, shops, hotels, and prestigious public institutions.

Last month, Tishman Speyer and PSP Investments have acquired Espace Lumière, occupied by Canal+, in Boulogne Billancourt, Paris from a fund managed by Invesco Real Estate.

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“We’re very proud of this new acquisition which is our third since the onset of the global pandemic. With this magnificent property we have a unique opportunity to reinvent office space in a way that responds to the new ways of working – while being in the heart of the ‘left bank’, where such opportunities are very rare,” said Philippe Joland, Senior Managing Director and President of Tishman Speyer France.

Tishman Speyer and PSP Investments were advised by Étude Wargny Katz and cabinet De Pardieu Brocas Maffei. Financing advisory was provided by Eastdil Secured and technical consultancy by Arcadis.

AXA IM was advised by Étude Cheuvreux, Knight Frank and Cushman Wakefield. Financing was arranged by Natixis, advised by Étude Allez and cabinet Gide.