Thor Equities Group has signed a contract to acquire 6 Rue de Sèvres in Paris for approximately $56.3 million, or €50 million. Considered an architectural landmark, the property has a historic facade and totals 12,917 square feet of space.
The office and retail building is leased to French bank Société Générale and has three basement levels, ground floor and four upper floors. It is located in the popular Saint-Germain district, known for its cafés, historic monuments and shopping. “The property … presents a rare opportunity to occupy space in the center of one of Paris’ most highly coveted neighborhoods,” Joseph Sitt, Thor Equities Group chairman, said in a prepared statement.
European and global assets
Thor Equities also owns two retail properties in Paris—53 Blvd. Haussmann and 65 Champs-Élysées. Other European assets the firm has acquired in past years include the 26 Via della Spiga in Milan, 5 Puerto del Sol, 11 Puerto del Sol and 30 Gran Via in Madrid, 145 Oxford St., 105-109 Oxford St., Bond Street House at 14 Clifford St. and Burlington Arcade, all in London.
Thor Equities and joint venture partner AEW acquired 100 New Oxford St., a mixed-use building in London’s West End from Tishman Speyer in August 2017 for $237 million. The 106,404-square-foot building features 18,507 square feet of retail on the ground floor and six floors of Class A office space. At that time, a company spokesperson told Commercial Property Executive the firm’s strategy was to acquire retail and mixed-use properties in key urban markets through the U.S., Europe, Canada and Latin America, mostly targeting premier buildings in tourist and business destinations.
In November, Thor Equities announced WeWork had become the anchor tenant of the Class A office building that is part of the firm’s new 2.5 million-square-foot mixed-use development, The Landmark Guadalajara in Guadalajara, Mexico. That project features a 16-story, 300,000-square-foot office tower, 70 high-end retail stores and 150 luxury residences.
In the U.S., Thor Equities recently completed its first Austin, Texas, acquisition, closing on the purchase of a 10-building, 60,000-square-foot office campus with a 10,171 square-foot- retail building for $16 million.