Tokoro Capital has secured a new long term letting to Banque Palatine, one of France’s oldest banks, for the whole of its newly refurbished 86 Rue De Courcelles Grade-A office building in the iconic 8th Arrondissement of Paris.
The nine year lease is for the whole building and has been agreed at a rent in line with top rents in the CBD with no discount to pre Covid levels, said the company in a statement.
Formerly a Hotel Particulier, or grand town house, dating back to c. 1864, the recent refurbishment has delivered a future proofed, service led building, designed to achieve a BREEAM ‘Very Good’ in use rating. Features include a new roof, windows, internal stairwell and more open floorplates to improve flexibility for occupiers. The Grade-A office space is spread across four floors behind a carefully restored façade. Following signficant landscaping and external works, the building also benefits from an abundance of outside space being built around a beautifully restored 110 sqm central courtyard and includes an 86 sqm terrace on the second floor.
The 8th Arrondissement is Paris’ main commercial sub market which is home to more than 33,000 businesses. Less than 200 metres from Parc Monceau, one of Paris’ premier parks, the property is ideally located a short walk from both Courcelles and Charles de Gaulle–Étoile metro station which is beneath the Arc De Triomphe and connects directly to both Charles De Gaulle and Orly airports.
“To have leased this building three months after acquisition at a market rent is a strong endorsement of our office strategy. This specific asset shows all the hallmarks of the office of the future and reflects Banque Palatine’s vision of how 86 Rue De Courcelles aligns with its brand and office occupational strategy,” said Max Bassadone, Co-Founding Partner at Tokoro Capital.
“As a result of the pandemic, we are witnessing further polarisation in favour of prime new offices that let air in, where space can be controlled by the tenant and with a focus on beautiful touch down space and sustainability. This investment supports our conviction call that the right type of office space is well placed to see strong occupier and investor demand. The office is far from dead,” added Sanjay Sethi, Co-Founding Partner at Tokoro Capital.
Pascal Allahverdian, at Banque Palatine, added: “This location for our commercial activities on Rue de Courcelles, in the heart of the CBD, marks a new chapter for our company. We are glad to have found this building, which, like our establishment, is a top-of-the-range product, and which will be designed for both our clients and our employees, who are also our ambassadors.”
Tokoro was advised by CBRE and Goodwin Procter (France) LLP.