Paris, 6 July 2021 – Ardian, a world leading private investment house, today announces the formal signing of a lease with Allen & Overy for the historic building complex, known as the “Renaissance Project”. Ardian acquired the building site in May 2018 to redevelop and refurbish it.
Centrally located in the heart of Paris' Golden Triangle, 32 rue François 1er the building complex was the former headquarters of Europe 1. It is currently being redeveloped and, on completion, will provide office space encompassing around 6,900 sq.m of office space and a further 2,300 sq.m of retail space.
The building is composed of private mansions on Rue François 1er and is connected to a newly constructed six-storey building. The project, designed by the architectural firm, CALQ, and decorator Tristan Auer, aims to combine the building’s rich heritage with modern needs, while ensuring environmental efficiency.
The building will envelop gardens, patios, and green terraces – with works scheduled for completion by the end of 2021.
By choosing this office complex for its future Paris office, the international business law firm Allen & Overy, member of the "Magic Circle", will offer its Paris based employees a modular and resolutely modern working environment for the next 12 years. The space will enable collaboration among teams and provide an exceptional location for meetings with clients.
Stéphanie Bensimon, Head of Ardian Real Estate explains: "We are very proud to have concluded this agreement with the renowned law firm Allen & Overy. The Renaissance Project is an emblematic transaction of our AREEF I fund initiated in 2017, which invests in value-creating transactions. The signing of this lease prior to delivery demonstrates our team’s ability to completely transform obsolete assets into unique buildings - preserving their historical character yet designing them for the future.”
Sébastien Bégué, Director at Ardian Real Estate, commented: "This was an exceptional opportunity for us to design a building in the heart of the Golden Triangle – arguably the most attractive area for office location in the heart of the city. The complex is now largely newly constructed and offers a high degree of flexibility – which is much sought after for innovative offices. We also see the success of this agreement as further proof of the resilience of the Parisian high-end market. It proves our case, that, well-located, high-quality buildings continue to attract high-profile tenants looking to optimize workspace and attract talent."
Hervé Ekué, Managing Partner of Allen & Overy in Paris, added: "This move is part of the firm's dynamic growth and marks an important step in Allen & Overy's development in France. We would like to thank the Ardian team for their flexibility and support in this. We are certain that these new premises will enable us to transform our office offering. Now, boasting more open and bright spaces, we expect that this space will enhance working conditions, encourage collaboration, and innovation, while contributing to the well-being of each individual. Our new address also expresses the firm's desire to continue to offer its clients an exceptional place to meet."
The signing of this BEFA follows the signings of long-term leases on the RIO and Great projects, also developed by Ardian Real Estate, in the central business district of Paris.
LIST OF PARTICIPANTS
- Ardian was advised by Linklaters, BNP, JLL AMO.
Ardian is a world-leading private investment house with assets of more than US$112bn managed in Europe, South America, North America and Asia. The company is majority-owned by its employees and generates sustainable, attractive returns for its investors.
Through its commitment to positive outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth. Ardian’s investment philosophy is aligned with the three guiding principles of excellence, loyalty and entrepreneurship.
Ardian maintains a global network with more than 700 employees and 15 offices in Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), South America (Santiago de Chile), North America (New York and San Francisco) and Asia (Beijing, Seoul, Singapore and Tokyo). It manages funds on behalf of more than 1,100 clients in five investment areas: Fund of Funds, Direct Funds, Funds of Funds, Infrastructure, Private Debt and Real Estate.
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