PARIS – December 18, 2020 - Tishman Speyer announced today that it has acquired the Tour Cristal in central Paris, along with its partner the Public Sector Pension Investment Board (PSP Investments).
The prime 26,000 sqm office tower is located in the 15th Arrondissement – the heart of the French capital. Built in 1990, the Tour Cristal was the last tower to be developed in the ‘Front de Seine’ area and is to date among the last high-rise towers built in central Paris. The property’s office footprint extends over 28 floors above the ground.
Philippe Joland, Senior Managing Director and President of Tishman Speyer France, commented: “Tour Cristal is a one-of-a-kind space as it is very central and provides spectacular views over Paris. Our objective here is to inject our technical, commercial and hospitality knowhow to make this one of the prime properties in the central business district.”
Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments,said: “The acquisition of Tour Cristal demonstrates PSP’s ability to see beyond disruption, executing a complex business plan while continuing to grow and strengthen our partnership with Tishman Speyer.”
Tishman Speyer and PSP Investments were advised by Étude Wargny Katz and cabinet De Pardieu Brocas Maffei, with Gibson Dunn & Crutcher LLP and Linklaters LLP respectively advising on joint venture matters. Their technical adviser was Arcadis.
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About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 27 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as stateof-the-art life science centers through our Breakthrough Properties venture. With global vision, onthe-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 424 properties, totaling 184 million square feet, with a combined value of approximately $97 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About PSP Investments
PSP Investments is one of Canada’s largest pension investment managers with approximately $169.8 billion of net assets as of March 31, 2020. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.