FREO executed a capex plan over 12 months to refurbish the building and to change specifications of the art deco building with the creation of secured data room in the basements. In the meantime, an intensive marketing process started to find a single tenant and ultimately, Groupama AM, an A-grade French tenant, signed a 7/9 firm years lease. In 2012, the building was sold to a French insurance company.
FREO Group acquired this asset as part of a 4 building portfolio in 2006 with a third party investor. This 6,679 sqm office asset was located in the 8th district of Paris (CBD). This asset was fully vacant at acquisition. The major issues to be solved were its hidden location behind another building within a courtyard with private access to the main road (ex-CIA building) and the capex needed to reposition the building.
Rentable Area (m²): 6,779