Tokoro Capital, a next generation real estate investment manager , has secured a new long term letting to Banque Palatine, one of France’s oldest banks, for the whole of its newly refurbished 86 Rue De Courcelles Grade-A office building in the iconic 8th Arrondissement of Paris. Tokoro acquired the property vacant in December 2020, confident that, despite the pandemic, there was still strong demand for well located, modern office space which meets occupiers’ focus on health and wellbeing.
Banque Palatine, which was founded in 1780 in Lyon and which offers retail and private banking and asset management services, is 100% owned by BPCE, a French bank with an S&P rating of A- and revenues of €47 billion in 2019. The nine year lease is for the whole building and has been agreed at a rent in line with top rents in the CBD with no discount to pre Covid levels.
Formerly a Hotel Particulier, or grand town house, dating back to c. 1864, the recent refurbishment has delivered a future proofed, service led building, designed to achieve a BREEAM ‘Very Good’ in use rating. Features include a new roof, windows, internal stairwell and more open floorplates to improve flexibility for occupiers. The Grade-A office space is spread across four floors behind a carefully restored façade. Following signficant landscaping and external works, the building also benefits from an abundance of outside space being built around a beautifully restored 110 sqm central courtyard and includes an 86 sqm terrace on the second floor.
The 8th Arrondissement is Paris’ main commercial sub market which is home to more than 33,000 businesses. Less than 200 metres from Parc Monceau, one of Paris’ premier parks, the property is ideally located a short walk from both Courcelles and Charles de Gaulle–Étoile metro station which is beneath the Arc De Triomphe and connects directly to both Charles De Gaulle and Orly airports.
Tokoro Capital is a real estate investment manager, set up by Sanjay Sethi and Max Bassadone, former Brockton Capital executives, in 2020. In April it closed its first fund with €100 million of capital commitments and a mandate to invest across the risk spectrum in search of relative value in office opportunities in European gateway cities, with an initial focus on London and Paris, Europe’s two most liquid and transparent real estate markets.
Sethi and Bassadone have over 30 years of combined real estate experience, having transacted and asset managed over €10 billion of assets.
Source : Company