PGIM Real Estate acquires The Square in Paris

PGIM Real Estate has acquired The Square, a 75,000-square-foot office building in Paris, on behalf of its pan-European discretionary value-added fund. The seller was a German closed-end fund managed by GLL Real Estate Partners, a member of Macquarie Group.

The property is located on 7-7 bis rue de Téhéran, in the heart of the central business district, between boulevard Haussmann and Parc Monceau, in an area sought after by financial, law and consulting firms, and luxury companies. The property has been fully leased to Parfums Christian Dior since 2007.

Built in 1928 and fully refurbished in 2007, the property is distinguished by its iconic Art Deco façade; dual, naturally lit inner courtyards; and glass-roofed entrance hall. It also features efficient floorplates, a communal area in the basement illuminated by a light well, and terraces and balconies accessible on several floors.

“This asset delivered excellent returns over the 12-year holding period for t