French Ministry Takes 400,000 Sq. Ft. of Office Space at Lumière, Largest Lease in Paris History

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Today Tishman Speyer announced the completion of the largest office lease transaction in the city of Paris.

The French Ministry of the Interior has agreed to lease 38,000 square meters - approximately 400,000 square feet -- at Lumière, which is the largest privately owned office building in Paris.  The Ministry is expected to take occupancy in late 2012.

The property is owned within Tishman Speyer's European Strategic Office Fund (ESOF), which controls office assets in several major European cities.  With this new transaction, the occupancy rate of Tishman Speyer's entire 10-building Paris portfolio, totaling approximately 350.000 square meters (3.75 million square feet), is nearly 100 percent.

Lumière is located at 40, avenue des Terroirs de France in the 12th District, close to the 14 hectares park of Bercy. The area, part of the Eastern business district of Paris, is an established office market with excellent road and metro access, allowing access to the center of the city in 10 minutes.  Built in 1992, the property consists of seven floors above the two-story lobby level, branched into two wings from an impressive atrium.  Each wing has a separately configured building at each end.   Existing tenants include Natixis, SNCF, ING Direct, and Société Générale.  The Ministry's space will include a private auditorium and a nursery.

"Over the past 14 years, we have been able to develop and acquire many of the best office properties in the best locations in major European cities," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer.   "By building such a portfolio and managing it well, we are able to attract the highest quality tenants, as evidenced by this transaction."

Senior Managing Director Michael Spies, head of the firm's European operations, added,

"Lumière has proven to be an ideal investment for our European Strategic Office Fund, and our local team has done a fantastic job in managing this asset to its full potential.  Given its local prominence and superb location in the Paris office market, we anticipate that the property will continue to benefit from strong tenant demand."

"Especially considering the current challenges in the marketplace, we are very pleased that Lumiere is now fully leased with high-credit quality tenants," said Bernard Penaud, Senior Managing Director and head of Tishman Speyer's operations in France.  "The Ministry is a great addition, and we look forward to serving its office needs going forward."

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