Tishman Speyer Acquires Tour Pacific from Ivanhoe Cambridge

PARIS-Tishman Speyer has completed its buy of Tour Pacific, a 570,000-square-foot (53,000-square-meter) office property in the La Defénse business district, Paris. The property was acquired from Ivanhoe Cambridge.

The result of the deal is that Tishman Speyer's expands its already large portfolio in the European region, which now includes 12 buildings totaling approximately 4.4 million square feet (415,000 square meters). Among those is Tour Esplanade, adjacent to Tour Pacific. Tour Esplanade is 100% leased to the French government, following the signing of 2012's largest lease in Paris.

“We have been looking for opportunities to increase our footprints in major European cities, and Tour Pacific fits very well with the rest our portfolio,” said Tishman Speyer Co-CEOs Jerry and Rob Speyer, in a statement. “We look forward to transforming it and offering it to tenants as one of the most desirable business locations in the Paris market.”

Built in 1992, Tour Pacific features a 24-story, two-tower design. It is about 70% occupied, primarily by Société Générale, which has a short-term lease. Tishman Speyer will undertake a full renovation that will include major sustainability improvements. The firm has achieved high certification marks for sustainability on more than half of its portfolio, including three buildings ranked among France's top 10 for the measure.

Financing for the deal was provided by Helaba Landesbank Hessen-Th ringen and Deutsche Pfandbriefbank.

Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer works with some of the world's most prestigious corporations to meet their office space needs. As of December 31, the firm had acquired, developed and/or managed a portfolio of over 123 million sq. ft. with a total value of over $63.6 billion since its founding in 1978.