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PARIS-The Carlyle Group, through its European fund Carlyle Real Estate Partners I, has sold its Evergreen office development here. Credit Agricole SA has purchased the complex for an undisclosed price.

“The Evergreen development is a good example of how Carlyle typically looks to invest in offices in France and across Europe. Our strategy is to create value for our investors by acquiring single assets where we can identify significant development potential, usually in areas which are emerging or have emerged as new business centers,” says Eric Sasson, managing director of the Carlyle Group.

“Having undertaken a number of significant measures to improve Evergreen, whilst developing a highly sustainable building and helping attract investment into the local economy, we are now pleased to be able to pass a superb product on to Credit Agricole.”

The 430,556-square-foot will house several different units of Credit Agicole’s business, with the hopes of streamlining the workflow. The company will occupy the space by the second quarter 2010.

The Evergreen complex was first built in the 1920s as an industrial hub. It went through a number of transformations through the years, and was ultimately purchased by the Carlyle Group in March 2005. The group hired architects Wilmotte and Associates and Sahuc Katchoura to redevelop the three-building complex creating what is now called Evergreen.

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