A joint venture between EQT Real Estate I fund (“EQT Real Estate”), a fund managed by Metropolitan Real Estate (“Metropolitan”) and STAM Europe has agreed a pre-let agreement with Adobe, one of the largest and most diversified software companies in the world headquartered in San Jose, California, for the entirety of Code, an office property situated on Rue Lauriston in central Paris. The 5,800 sqm asset will serve as Adobe’s new French HQ upon completion, which is expected in spring 2019.
Located moments from the Place du Trocadéro, Code presents an architecturally striking asset comprising seven levels. The asset offers 5,800 sqm of office space, including an 800 sqm co-working area and an out-door patio for tenants. The asset also boasts a landscaped roof top that can be accessed by all occupiers, a dedicated wellness area, bike space and a carpark. Code also has a potential ERP classification, and benefits from strong natural light, providing qualitative communal spaces.
Having acquired the asset in 2016, EQT Real Estate, Metropolitan and STAM Europe have repositioned the property by undertaking a full-scale redevelopment, transforming a derelict, unused space into a Grade A office building in central Paris.
Olivier Astruc, Managing Director at EQT Partners and advisor to the fund, said: “EQT Real Estate strives to deliver best-in-class assets for users and investors. The Code development has been an exciting journey, as we have turned these obsolete garage and residential buildings into premium office facilities. We look forward to welcoming Adobe to these flexible and stimulating surroundings.”
Edward Bates, Managing Director at STAM Europe continues: "The ambitious restructuring program we have implemented has triggered a lot of interest from users. We are particularly proud to host Adobe France in this building that will provide an exceptional experience and work environment and will surely inspire Adobe employees to collaborate, create, innovate and perform. "
The owner was represented by BNP Paribas and JLL as landlord commercial representatives and Ashurst as legal representative. The tenant was represented by Colliers as tenant representative and Hogan Lovells as legal representative.
Olivier Astruc, Managing Director at EQT Partners, Investment Advisor to EQT Real Estate I, +44 20 8432 5426
Robert Rackind, Partner and Head of EQT Real Estate at EQT Partners and Investment
Advisor to EQT Real Estate I, +44 207 430 5555
EQT Press Office, +46 8 506 553 34
EQT is a leading alternative investments firm with more than EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
About EQT Real Estate I
EQT Real Estate I will seek to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 50 million and EUR 200 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property investment, development and intensive “hands-on” asset management, and with access to the full EQT network, including 10 European offices and more than 250 industrial advisors.
Contact STAM Europe
Samantha SUDRE ROUX
Tél: +33 (0)1 55 35 98 30
About STAM Europe
Based in Paris and established for 20 years, STAM Europe is an independent investment and asset management company particularly focused on the French market. STAM Europe operates with a fully integrated team of experienced professionals with financial, legal, real estate and technical backgrounds. The firm manages separate accounts on behalf of international investor partners. STAM’s track record covers a diversified array of real estate asset classes and the full range of risk-adjusted return profiles. Throughout 2018, STAM has executed a total of €750 million in transactions on behalf of its clients and partners.
STAM France IM is a portfolio management company incorporated in 2008 and registered under the French Financial Market Authority (AMF) to manage real estate collective investment vehicles (OPPCI).