Allianz Real Estate, on behalf of several Allianz Group companies, has completed the redevelopment of 23-29 rue de Châteaudun in the 9th arrondissement of Paris, transforming it into a high-end, 16,000 sqm office complex with a focus on sustainability and the well-being of its users. This is the latest in a series of redevelopments of historic core buildings in Europe by Allianz Real Estate, most recently in Rome, Amsterdam, Milan and Paris.
Following the departure of the previous tenant, and after negotiations initiated in 2017, the newly delivered asset will house the headquarters of Galeries Lafayette, the French leader in department stores.
Allianz Real Estate acquired the building in 2012 and launched its redesign in 2018. The project was led by the architectural firm DTACC and executed by Spie Batignolles, and marks the second major restructuring of the building.
The asset has received a range of certifications, including HQE Exceptional, WELL Gold, Effinergie Rénovation, Wiredscore Gold and BREEAM Very Good, as well as the label BiodiverCity. The asset will also feature a 1,350 sqm rooftop with a garden, accessible to the public, making it one of the greenest buildings in the area. It will also meet the requirements of the Tertiary Decree, ensuring the highest standards of energy efficiency, sustainability and tenant well-being.
"Allianz Real Estate has delivered this state-of-the-art redevelopment project while optimising the building's intrinsic value for our investors and our tenant, Galeries Lafayette," said Alexander Gebauer, CEO of Allianz Real Estate for Western Europe. "We have a strong track record in transforming core, often historic, buildings in Europe – including the recent redevelopment of Rome's 19th century Palazzo Marignoli in June this year – into best in class, smart assets that achieve the highest sustainability standards and meet today’s expectations of high-profile tenants."
Laetitia Archambault, Head of Asset Management France and The Netherlands at Allianz Real Estate, said: "We are delighted to be able to support Galeries Lafayette, in their long-term development. The newly delivered office and its fittings will enable us to meet the current expectations of users, particularly in terms of well-being, flexibility and sustainable development. This early contract with Galeries Lafayette and the efficient restructuring of this asset is a testament to our strategy of long-term value creation, anticipation of user expectations, partnership with our tenants and our extensive on-the-ground capabilities."
