With the recent purchase of 32 Rue Blanche, a Grade A prime office building in Central Paris’ historic financial district, Oxford Properties Group has entered the Parisian market.
The 237,500-square-foot building acquired from The Carlyle Group for about €263-million, is also the company’s first office investment in continental Europe.
Current tenants, FullyCriteo, Mutuelle Interiale and BlaBlaCar, fully lease space in the building featuring a 14,000-square-foot roof with panoramic views of city landmarks and a high-tech auditorium.
Intrigued by the Parisian market’s relative stability, robust level of business activity and the historic constraint of new office supply from strict planning and height restrictions, Oxford plans to invest an extra $1-billion in the City of Lights over the next three years.
“We have a clear ambition to grow our assets under management in Paris to over €1 billion over the next three to five years, and will invest in assets where we can drive value through active asset management initiatives, where we are able to leverage our scale and experience, and where we believe that current values do not reflect future market improvements.” says Michel Vauclair, Oxford executive.
Looking ahead, Oxford sees significant growth in Paris through infrastructure improvements and a broader economic recovery.