BNP Paribas REIM acquires the fully refurbished office building"16 Washington", near the Champs Elysées in Paris

BNP Paribas REIM announces the acquisition of the office building 16 Washington, located in Paris 8th arrondissement, on behalf of a Korean institutional investor, from Goldman Sachs. This follows the signature of a promise of sale in July 2018 between the two partners.

The office building is located in the heart of prime Paris CBD, only 80m from Avenue des Champs-Elysées and 300m from Place de l’Etoile, facing avenue George V. The asset was delivered end 2017, offering ca. 5,720 sqm of lettable office space on 7 upper floors. This performing and efficient building has green labels including HQE Excellent, BREEAM Very Good and BBC label.

The building is fully let to Nextdoor, a subsidiary of Bouygues Immobilier and Accor Hotels and a leading French coworking company.

Xavier Mouette, Head of Key Client Group of BNP Paribas REIM, comments: “This transaction is another success of our Separate Account business, here with our Asian clients with whom we are now the partner of choice for their European real estate investment strategy. After having also recently contributed to the acquisition of the second largest e-commerce centre in Europe in Poland, we are currently working on other transactions on behalf of international clients. This is in line with our plan to substantially grow this activity in the coming years.”

This operation has been done via an SCI managed by BNP Paribas REIM France.

The buyer was advised by Wargny Katz and Mayer Brown. Deutsche Pfandbriefbank AG financed the transaction.