Refurbishment and repositioning of two income producing, technically obsolete office buildings into an institutional Grade A 30,000 sqm office campus in established Courbevoie, Greater Paris.
At the time of acquisition, Smart Parc was a 52% leased, 30,000 sqm Western Paris office campus consisting of two twin buildings. The asset was acquired from a distressed seller and the properties required extensive refurbishment.
The campus is located in Courbevoie with good access to transport links. Occupier demand is driven by companies looking for good value office space in close proximity to La Defense and central Paris.
The business plan is, while retaining existing tenants on the campus, to fully refurbish the property with the objective of delivering Grade A office space at Grade B rents, and fill up the buildings on a multi-tenanted basis.
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