Cushman & Wakefield reps partners in blockbuster French sale.Cushman & Wakefield has advised Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Real Estate and its French partner the private company Atemi on the largest single-asset deal in Europe, the purchase of the Coeur D6fense office complex in Paris. Earlier this year, Cushman & Wakefield arranged the $1.8 billion sale of 666 Fifth Avenue in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of from Tishman Speyer to Kushner Companies, which was the world's largest single-building sale. Coeur Defense was sold by French real estate investment trust Unibail and Goldman Sachs' Whitehall Funds for $2.8 billion. The transaction reflects a gross yield of 4.8%. The office complex is situated in the key business district of La D6fense, to the west of the city. It was completed in 2001, and consists of two 160-metre buildings and three low-rise buildings totalling 182,000 s/f and offering 159,000 s/m of office space, making it the biggest scheme of its kind in Europe. Current tenants include AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery Investment Managers, Societe Generale, Credit Lyonnais, Microsoft, Cap Gemini and HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) . Anne Lemonnier, executive director of Lehman Brothers Real Estate, said, "Coeur Defense is a landmark building not just for Paris but for Europe. In addition, it is located in one of the most attractive office markets in Europe, La Defense." Olivier Gerard, head of Cushman & Wakefield's Capital Markets Group in France, added, "Offices remain by far the most sought-after asset class in the French market, accounting for nearly 75% of last year's total investment volume. This is largely due to the strong performance of the office rental market, with Paris recording its highest office take-up ever last year with the letting of 2.8 million square metres Noun 1. square metre - a centare is 1/100th of an are centare, square meter area unit, square measure - a system of units used to measure areas of office space--the highest in Europe." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cushman & Wakefield, France's investment market recorded transactions valued at a total of *24.5bn last year, most of which were in the Paris market. The single largest group of investors in the French market by nationality nationality, in political theory, the quality of belonging to a nation, in the sense of a group united by various strong ties. Among the usual ties are membership in the same general community, common customs, culture, tradition, history, and language. are the French, with 48% market share, says Cushman & Wakefield, followed by U.S. investors, which last year accounted for 16% of investment volumes. |
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