PARIS—A massive lease of 575,000 square feet has been signed here by the French government with New York City-based Tishman Speyer. The lease will allow the government to contract two of its ministries into one asset.
In what is being called the largest in the Paris metro in a year and the largest in La Defense district since 2008, Tishman has signed the Ministry of Housing and the Ministry of Ecology to space at Tour Esplanade. When the ministries move in, expected by mid-2014, they will occupy the full asset.
The asset, which has been recognized for its environmentally friendly design, is a 36-story office tower strategically located in La Defense, Europe’s largest business district, between the CNIT exhibition center and the Grande Arche near the main pedestrian avenue. Tour Esplanade was built in 1990 and renovated in 2011.
This deal is only the latest between Tishman Speyer and the French Governemnt, according to senior managing director Michael P. M. Spies. “This closely follows the large lease signed with the Ministry of Interior at our Lumiere property,” he says, “which, coincidently, was the largest signed in the Paris region in 2011. Our Paris portfolio is geographically well-positioned and we strive to provide superior tenant service and achieve the highest possible sustainability standards.”
Calls requesting further details were not forthcoming.