Oxford Properties Group has acquired its second Paris office building, a 235,000-square-foot tower at 92 Avenue de France in the Rive-Gauche submarket.
This purchase quickly follows Oxford’s first Parisian transaction with 32 Rue de Blanche in September 2014, pushing the company almost halfway towards its target of a €1-billion Paris portfolio.
“Completing our second acquisition in Paris, so soon after our debut, underscores both our commitment to this market and our ability to transact quickly to secure the right opportunities,” said Michel Vauclair, Oxford executive.
Located in a prime area with low vacancy rates and rental volatility, the building is close to major transportation nodes and amenities.
“Proximity to superb lifestyle amenities will only continue to grow in importance for employers as they continue to respond to the increasing preference of urban dwellers for access to downtown live-work-play environments,” added Vauclair.
The property is 100 per cent leased to Réseau Ferré de France, the state-controlled manager of the French railway network. Hines France, which acted as acquisition adviser to Oxford, will be the asset manager.