(PARIS, FRANCE) – The Paris office of Hines, the international real estate firm, announced today that Prisma Presse, a leading European magazine publisher, has signed a long-term, 255,675-square-foot (23,753-square-meter) lease for the entire Coeur de Seine Building (to be renamed the Prisma Building), which is under construction in Gennevilliers, to the northeast of Paris.
When the project is completed in October 2010, Prisma Presse will consolidate more than 1,000 employees from five locations into their new headquarters building.
Hines’ European Value Added Fund I acquired the project from French developer Nexity through a forward funding agreement in 2008.
Designed by Jean-Paul Viguier, the campus-style project comprises three interconnected structures which will offer a “green” working environment and excellent access to the center of Paris. Prisma Building will obtain the French HQE® certification from CERTIVEA, the sponsor of the leading green building rating system in France.
Hines Director of Financing and Acquisition Xavier Musseau commented, “We made this acquisition based on the project’s strong fundamentals.
Prisma’s long-term commitment validates our assumptions.
We have had great success in leasing highly functional headquarters buildings to prestigious tenants.”
Cushman & Wakefield represented both HEVAF and Prisma Presse in lease negotiations. The law firm that advised HEVAF was de Pardieu Brocas Maffei, and
De Gaulle Fleurance & Associés advised Prisma Presse.
Prisma Presse is a leader in Europe’s magazine industry.
They publish 20 titles, including five weeklies, 10 monthlies, two semi-monthlies, two bi-monthlies and one quarterly.
Hines opened its office in France in 1995.
To date, Hines France has developed more than 3.3 million square feet of office space, and has approximately 1.5 million square feet under development in the western region of Paris.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,100 properties representing approximately 454 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $25.8 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.