A 30-year tenant was about to relinquish the lease on this historical Haussmannian building built at the end of the 1880s by renowned architect Paul Casimir Fouquiau. The challenge was how to convert a 130-year-old building into a modern office space and enhance its value while retaining its unique façade.
Seizing the opportunity to create something truly special, the Asset Management team embarked on a two-year restoration program in 2015, transforming the building at 16 Avenue George V into a modern office space whilst retaining its defining charm.
The project’s ambition not only attracted a high-quality tenant during the refurbishment, but increased the net asset value by more than 160% and eventually resulted in a sale price 30% beyond that. A fitting outcome to a truly grand project on a remarkable building.
The asset was given a ‘smart’ makeover, with the asset now able to offer tenants modern levels of connectivity and digitalization. The final product boasts almost 1,000 sqm of office space and a linear façade of 63m – two exceptionally rare characteristics in a Haussmannian building.
Many steps in this project seemed unachievable, not least the very idea of making a modern asset out of a historical building. But the cumulative outcome of every decision which led to the sale of a fantastic product delivered to a high-quality tenant at the very beginning of its lease has been greatly maximized value-creation for investors.
|16 Avenue George V
|Environmental accreditations include the HQE® Rénovation Exceptional level environmental certifications, BREEAM RFO Excellent level, Well C&S and the Effinergie Rénovation BBC label. In terms of the technology, the building meets the WiredScore connectivity label as well as the new Smarts Buildings Ready to Service (R2S) qualification.