AG Real Estate sells “Theodore” office building in Paris

AG Real Estate has sold the prime office building “Theodore” in Paris to Deka Immobilien for some €80 million.

The “Theodore” building which, from 2015 to 2017, formed part of a remarkable architectural complex that includes the Eglise de la Trinité, was designed by the architect Théodore Ballu in the late 19th century. The AG Real Estate France teams have completely restructured the building while preserving its past, in particular by restoring the façade to its original state, then fitting it out as a modern multifunctional office space with the goal of optimising the use of the available space, in line with international standards and respecting its historic character. This major renovation of the building came in response to AG Real Estate's wish to take part in the enhancement of the urban heritage.

The property measures nearly 3,400 m2 and is fully let to Adidas which, in addition to open-space workspaces, has professional showrooms to present its products to its BtoB distributors, a sports hall and a village square laid out on the ground floor around the interior courtyard of the building. The building is located in the lively business district between the Opera and the Stock Exchange, in the 9th arrondissement, near the Saint-Lazare railway station.

The property has received BREEAM “Very Good” and NF HQE “Excellent” certification.

“We are pleased to have been able to complete this sale in the current context. The Theodore building boasts a strategic location with excellent real-estate fundamentals and high architectural quality, which have convinced a well-known tenant to move there. This transaction demonstrates the ability of AG Real Estate's teams in France to rotate its managed property in order to keep developing its assets by relying on its ability to create value through development work,” says Thibault Delamain, Managing Director of AG Real Estate France, responsible for investments and asset management in France.

In this transaction, the buyers were advised by the law firms LPA and the study C&C Notaries. AG Real Estate France was advised by Maitre Virginie Blanc of the Panhard Notaires, JLL and CBRE firms.