Laennec

PIMCO Prime Real Estate’s name is now permanently etched into the centuries old story of Laennec – a set of historical buildings and gardens originally built in 1634, located in Paris’ charming 7th district. It was used as a hospital until the unit’s relocation to Hôpital Européen Georges-Pompidou in 2000. We acquired the property in 2002 with the intention to transform it into a residential, office and commercial asset. 

The historic nature of the buildings added extra complexity and time to the application process for the required permits. However, in 2010, we received the relevant building permits, enabling us to launch the office redevelopment program. At the same time, we decided to sell the parts of the grounds for which permission had been granted for the new residential area. We also acquired the plans to develop the retail component, which was fully pre-leased prior to being delivered in 2013. 

We restructured the existing buildings in order to bring them up to modern, prime office standards. The project was largely adapted to fit with the new requirements, enhancing the original features of the building and adding a spacious underground area. Many original materials were reused in the restoration. The façades, roofs, and heritage features such as the chapel were preserved, and every room’s history was taken into consideration for the process. We also constructed two new buildings, Fontaine and La Rochefoucauld, in the spirit of the historical architecture of the original buildings. A pre-lease was signed for the entire office space in 2012, almost two years prior to the completion of the work. The handover on a long-term lease to one of the global leaders in luxury fashion took place in 2014, enabling them to begin their fit-out process. 

At works completion, the asset had a gross lettable area of more than 17,000 sqm. Its value had more than tripled and had increased by a further 66% by the time of the sale of the retail area in late 2024. Laennec also became just the second historic monument in France to get an HQE environmental label.  

Today, with the office component retained in PIMCO Prime’s portfolio, the iconic Laennec stands out for its size and historical features and serves as a showcase for true active asset management.