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Transactions - MAY 19, 2022

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Allianz expands Paris portfolio

by Released

Allianz Real Estate, acting on behalf of several Allianz group companies, has acquired Pershing Hall, a historic, mixed-use asset in the heart of Paris’ Golden Triangle, adding further exposure to the firm’s French portfolio in one of Europe’s most attractive CBD markets.

It is located between three of Paris’ main thoroughfares, including Avenue des Champs-Elysees, in an area characterized by high-end residential buildings, prestigious retail brands and luxury hotels.

Built in 1864 in the Hausmann style, the building was previously a luxury five-star hotel. It was heavily refurbished in 2020 into a modern office and retail destination meeting very high ESG technical specifications, while retaining its historical value. With a gross living area of 2,800 square meters (30,140 square feet), the U-shaped building is set over seven floors, and is fully leased to premium American streetwear brand Kith, as well as prime office tenants, all on long-term leases.

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