Tishman Speyer and its partner Public Sector Pension Investment Board (PSP Investments) continue to invest in office buildings in Paris. The joint venture has acquired an office tower, the Tour Cristal, in central Paris. The purchase price was no disclosed.
The prime 26,000 sqm office tower is located in the 15th Arrondissement, in Paris. Built in 1990, the Tour Cristal was the last tower to be developed in the ‘Front de Seine’ area and is to date among the last high-rise towers built in central Paris.
Philippe Joland, Senior Managing Director and President of Tishman Speyer France, commented: “Tour Cristal is a one-of-a-kind space as it is very central and provides spectacular views over Paris. Our objective here is to inject our technical, commercial and hospitality knowhow to make this one of the prime properties in the central business district.”
Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: “The acquisition of Tour Cristal demonstrates PSP’s ability to see beyond disruption, executing a complex business plan while continuing to grow and strengthen our partnership with Tishman Speyer.”
Tishman Speyer and PSP Investments were advised by Étude Wargny Katz and cabinet De Pardieu Brocas Maffei. Their technical adviser was Arcadis.