Transactions - OCTOBER 23, 2014

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LaSalle buys in Paris, sells in London and Japan

by Andrea Waitrovich

LaSalle Investment Management took part in several property transactions around the globe.

LaSalle and Quantum Global Real Estate have purchased the Tour Blanche in the Paris submarket of La Défense for approximately €161 million, or €580 per square foot ($203.95 million/$732 per square foot) from a fund advised by Perella Weinberg Real Estate. The acquisition is one of LaSalle’s largest deals in continental Europe and its fourth on behalf of Plaza Global Real Estate Partners.

The 27-story Tour Blanche building comprises 277,500 square feet of class A office accommodation, with 124 parking spaces. It is fully let to ERDF, a subsidiary of the national electricity provider EDF, on a new nine-year lease following a comprehensive €41 million ($54.47 million) refurbishment that was completed in March 2014. The pre-leasing to ERDF in 2013 for its headquarters operation, almost one year before delivery and the first pre-leasing of an entir

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