Unibail sells Paris office asset for €270m

Unibail-Rodamco has sold an office property in Paris to a joint venture between ACM Vie SA and funds managed by Amundi Immobilier for €270.8 million ($306.6 million).

The 185,139-square-foot office building is located at 2–8 Ancelle in Neuilly-sur-Seine. The fully refurbished building is leased to CMS Bureau Francis Lefebvre for a 12-year period.

Earlier this year, Unibail sold theSo Ouest office building in Levallois-Perret, Paris, for €330 million. A seller was not disclosed.

The Paris office market has exhibited strengthening fundamentals. During fourth quarter 2015, office vacancy rates in Paris declined, according to CBRE’s MarketView report, “EMEA office occupier view, Q4 2015.” And Paris was ranked third most attractive by investors in Europe, following London and Madrid.

Thus far this year, 24 office properties in Paris have been exchanged for a total of more than $2.7 billion in sales price, accordin