A fund advised by pan-European real estate investment manager Tristan Capital Partners and coinvestor STAM Europe have opened a new 24,500 m² office campus located in the fashionable Bastille district of central Paris following a conversion of a former car park at a cost in excess of €100 mln.
European Property Investors Special Opportunities (EPISO), Tristan’s 2008 vintage fund, and STAM Europe acquired the multistory car park in October 2011. Following a threeyear refurbishment, the property renamed as PariSquare is a modern office campus designed by architectural firm Reichen & Robert et Associés. The local Mayor François Vauglin and the deputé representing the district in France’s Parliament, Patrick Bloche, led the official opening ceremony last night.
JeanPhilippe Blangy, managing director portfolio & asset management at Tristan Capital, said: ‘PariSquare addresses the growing need of large occupiers for affordable, high quality and sustainable office space in central Paris. It offers companies an alternative to the city’s more established and expensive CBD locations, where similar quality space costs twice as much. The campus is designed specifically to provide an attractive working environment for as many as 1,600 people in the vibrant Bastille district, which boasts excellent public transport links and local amenities.’
PariSquare is located a few minutes walk from Place de la Bastille, where numerous shops and restaurants surround the Opera house. The nearby Metro station provides excellent links to the Gare de Lyon and Gare du Nord mainline railway stations and to the rest of the city’s subway transport network. The location also has easy access to the main inner Paris ring road that serves Charles de Gaulle and Orly airports.
The campus consists of five buildings, each with seven floors, surrounding an inner courtyard on three sides. In addition to the 20,300 m². of office space, there is 1,700 m² of ground floor retail plus a conference room, or canteen area, of 1,900 sqm. The campus also provides underground parking for 270 vehicles and 80 motorcycles.
PariSquare uses the latest environmental technology to minimise energy usage and maximize operating efficiency. Among the features it incorporates are ground source heat pumps, smart lighting and 350 sqm. of rooftop solar panels. The property has achieved Performance Qualité Associée (PEQA) and Effinergie Rénovation 2009 ratings.
Source : PropertyEU