Located 91-93 rue de Richelieu, in the heart of Paris, this prime office asset was sold in February 2015 to a hotel operator.
The asset, representing a total area of c. 3,500 sqm, was originally purchased through an off-market transaction two years ago.
The initial strategy was to convert the building once vacated into a mixed use asset with office space, retail space on the ground floor and residential on the top floors.
However, in reaction to the increased demand from hotel operators for suitable space in central Paris, STAM revised its strategy, negotiated a lease extension with Allianz Real Estate
France, the in-place tenant and approached hotel operators with a new conversion to hotel project.
This investment is a good example of how STAM uses its local intelligence and know-how to react to evolutions in the market.
Source : STAM