PAREF Group to undertake restructuring for Parisian asset

PAREF Group has announced the restructuring of its five-story Léon Frot building in Paris.

PAREF acquired the building, which was constructed in the 1980s, in 2016 following a bidding process led by the city of Paris. After a rental operating period, PAREF teams undertook in-depth studies with the aim of repositioning this property, which no longer met current needs and standards in terms of comfort, energy performance and environmental quality, according to the firm.

The building currently offers nearly 2,000 square meters (21,527 square feet) of offices and retail space. The refurbishment plan includes raising the building by two additional floors, moving the street façade forward, replacing all façades and turning the basement into commercial space. When completed, the building will provide nearly 2,900 square meters (31,215 square feet), with 2,300 square meters (24,756 square feet) slated for offices and nearly 600 square meters (6,458 square feet) slated for r