Hines has acquired the historic 4,783 sq m La Manufacture building in Paris on behalf of the Hines European Core Fund (HECF). The property has been acquired from the Weill family.
Built in 1922, the Art Deco building is located at the foot of the Montmartre in the 18th arrondissement of Paris. The Weill family are historic owners of La Manufacture, first imagined by the originator of the Art Deco movement, architect, Paul Dupré-Lafon, at the request of Robert Weill.
La Manufacture was renovated between 2014 and 2016 and has a current occupancy rate of 76%, with the basement and ground floors totalling 1,200 sq m, are let to a fabric sales company and to Weill. The three upper floors are leased to a web and mobile application publisher. The fourth and fifth floors covering 959 sq m will soon be available for occupancy.
“This is our fifth acquisition in France and Paris remains a very attractive market for us,” said Simone Pozzato, fund manager – HECF. “The French capital is increasingly becoming an important technology hub in Europe and we expect La Manufacture, due to its prime location and connectivity, to attract technology occupiers.”