The project has transformed the Haussmann-era building, originally built in 1893, into an HQE Excellent-rated, high-specification prime office asset.
Located in a sub-market notable for a number of high-end fashion and luxury brands, the 4,150 sqm building has been let to a major international fashion group on a long-term lease.
The historic building has undergone a dedicated and sensitive refurbishment program including a complete renovation of the roof and façade. It also improved and emphasised existing elements such as the creation of the highest standard open-work spaces, two glass roofs and the conversion of storage space into services and flex spaces, as part of an overall aim to create one of Paris’s most sophisticated office buildings.
Among a number of achievements, a rare staircase has been fully renovated and extended with the help of a specialist firm with high craftmanship on iron works, while the ground floor has been opened up to include a striking 500 sqm hall. A courtyard, which was previously a car park, has been converted into a large communal space offering a mix of covered areas and green spaces, including a double height botanical wall.
Sustainability and tenant well-being have been central to the redevelopment. 7 George V is compliant with the CRREM pathway in terms of carbon emissions, meeting the CRREM’s 2040 stranding year goal, and is targeting certifications including BBC Effinergie Renovation, Ready2Services and Smartscore. Furthermore, some materials used have been upcycled in the building in a virtuous approach.
Incorporating the firm’s suit of innovative smart sensors and devices from its Building Signature Program – a proprietary and comprehensive process to define and implement the smart enhancements required for a user-friendly asset – the building provides optimal functionalities, including operating assistance, energy system optimisation, user interface, and service management.
7 George V is the latest in a number of high-specification, value-creating asset management projects which PIMCO Prime Real Estate has completed in Europe over the past few years. Similar projects in Paris include the transformation of 23-29 rue de Châteaudun in the 9th arrondissement into a high-end, 16,000 sqm office complex. Earlier this month, the firm
completed the redevelopment of the new Radisson Collection Hotel Santa Sofia in Milan, which transformed the 1960s office building into a five-star, LEED Gold-certified hotel with strong sustainability credentials.
Donato Saponara, Head of South & West Europe, Co-Head of Investments Europe, PIMCO Prime Real Estate
Donato Saponara, Head of South & West Europe, Co-Head of Investments Europe, PIMCO Prime Real Estate, said: “The work undertaken to upgrade and transform 7 George V has been remarkable, resulting in an elegant building which sets a benchmark for prime office assets in Paris. This latest redevelopment builds on our extensive track-record in transforming historic buildings into sustainable future-oriented assets – servicing growing demand in an ever-desirable city. With asset quality driving tenant demand and investment growth opportunities, we remain focused on fully enhancing our assets to remain ahead of the market.”
About PIMCO Prime Real Estate
A leading global real estate investor and manager, PIMCO Prime Real Estate is a PIMCO company and part of the PIMCO real estate platform, focusing on the Core and Core+ segments of the market and managing the Allianz Group’s $98B+ real estate mandate.
Formerly known as Allianz Real Estate, we manage a global investment portfolio of $101.5B AUM, with an international team of over 500 employees working in 17 offices in Belgium, China, France, Germany, Italy, Japan, Singapore, Spain, Sweden, the UK and the U.S.
PIMCO’s real estate platform is one of the largest and most diversified in the world, with over $195B1 in assets and a broad set of solutions that leverage decades of expertise across public and private equity and debt markets.
Footnote
As of December 2022. All figures in USD. 1AUM includes $101.5B in estimated gross assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate), which includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO.
