Nuveen Real Estate has acquired an office building on rue Jobbé Duval in Paris, on behalf of its Cityhold Office Partnership (CHOP).
The 7,000-square-meter (75,300-square-foot) property is currently fully leased to telecoms provider Orange. The acquisition fits with CHOP’s strategy of targeting core and value-add properties in key European Tier 1 cities, with potential for renovation in future, also supported by the city’s low vacancy rate and lack of short-term supply.
The property, which was built in the 1930s, is set over six floors, with a significant roof terrace on the top floor offering views over Paris, including the Sacré-Coeur and the Eiffel Tower. It benefits from an attractive industrial-style façade and is located in the 15th arrondissement, southwest of Paris.
Liz Sworn, fund manager at Nuveen Real Estate, said, “We are pleased to have been able to acquire this asset in Paris, that offers a strong tenant covenant and potential for future
