Tishman Speyer acquires the Tour Cristal in Paris
PARIS, Dec. 18, 2020 /PRNewswire/ Tishman Speyer announced today that it has acquired the Tour Cristal in central Paris, along with its partner the Public Sector Pension Investment Board (PSP Investments).
The prime 26,000 sqm office tower is located in the 15th Arrondissement - the heart of the French capital. Built in 1990, the Tour Cristal was the last tower to be developed in the Front de Seine area and is to date among the last high-rise towers built in central Paris.
Philippe Joland, Senior Managing Director and President of Tishman Speyer France, commented: Tour Cristal is a one-of-a-kind space as it is very central and provides spectacular views over Paris. Our objective here is to inject our technical, commercial and hospitality knowhow to make this one of the prime properties in the central business district.
By Richard Lowe2020-12-18T13:07:00+00:00
Global real estate developer Tishman Speyer and Canada’s Public Sector Pension Investment Board (PSP Investments) have made two major acquisitions in the Paris office market.
They have acquired the 30-year-old skyscraper Tour Cristal in the Front de Seine area and the Carré Saint-Germain, a mixed-use property on Boulevard Saint-Germain.
Meanwhile, BMO Real Estate Partners (REP) bought a mixed-used property on the Champs-Élysées, marking its first club deal in the city with two German pension funds.
No purchase prices were disclosed by the buyers, but IPE Real Assets understands that BMO REP paid between €260m and €300m for the Champs-Élysées asset.