The building was fully occupied at acquisition by BPI, an HR company. The tenant went into bankruptcy in 2011/2012. FREO drafted a capex plan over 9 months to refurbish completely the building and to change the specifications of the 1640 built asset with the creation of a showroom and new floors. In the meantime, an intensive marketing process started to find a single tenant, which led to Céline (part of LVMH group) signing a 9 firm years lease. FREO also succeeded in decreasing building charges by 30% through sustainable capex on the technical part of the building. In 2013, the building was sold to a French insurance company.
FREO Group bought this office asset located in the 2nd district of Paris (CBD) with a third party investor. This 4,464 sqm iconic building was built in 1640 for Jean-Baptiste Colbert, ex-Minister of Louis XIV. Another part was added to this building in early 1900s by Gustave Eiffel, the architect of the Eiffel Tower. Most of the building has been classified by the “Architect des Bâtiments de France”.
Rentable Area (m²): 4,464