France Secures Largest Ever Leasing Transaction
The Office Agency team in France has recently completed the largest ever leasing transaction in its history. Acting on behalf of Ivanohé Cambridge and Natixis Bank, Cushman & Wakefield has leased the iconic DUO Towers in its entirety, representing approximately 90,000 sq m. Natixis (BPCE group) will move into the towers in 2020, when the project is scheduled for completion.
The transaction is the culmination of six years’ work for the team. In 2011, they accompanied Ivanhoé Cambridge as part of a consultation of projects regarding the B3A real estate site in the 13th district of Paris, next to the Paris ring-road. Ivanhoé Cambridge won and proposed the development of the DUO Towers. In 2012, Cushman & Wakefield presented the DUO Towers to Natixis for feedback. The discussions continued, and in 2015, we were awarded a tri-exclusive mandate for the commercialisation of DUO. Work continued with Natixis, with Cushman & Wakefield notably undertaking a study to demonstrate that reunifying their teams in the DUO towers was an economically coherent option. Discussions accelerated during the summer 2016 and were finalised in March 2017.
Ludovic Delaisse, International Partner, Head of Agency France said: “This is the biggest leasing deal ever carried out in a European capital. The size of the project is impressive but it is also symbolic as it represents the leasing of the first tower to be built inside Paris for half a century. There is no doubt that this transaction demonstrates our leadership in this market. I’d like to thank all the collaborators at Cushman & Wakefield who accompanied me in realizing this magnificent project, particularly Olimpia Rychlicki, Nicolas Coutant, Audrey Wozniak and Olivier Gerard, not forgetting the support from Nigel Pyke and James Young in our conquest to win the mandate to commercialize the towers.
Bill Tresham, CEO, Ivanhoé Cambridge said (extract) : “The DUO towers will be an exceptional and iconic project, and will be a benchmark in innovation, creativity and accessible services for their occupants (…) “
Jean-Louis Missika, adjoint à la Maire de Paris chargé de l’urbanisme said (extract) : “Duo will be part of the urban effervescence of the Paris South bank development zone in the XIII district (…) Parisians and tourists alike will certainly see it as a privileged destination (…) “
Laurent Mignon, directeur général de Natixis said (extract) : ”The choice of the DUO towers is the fulfillment of Natixis’s desire to adapt to the new working methods of our employees… DUO will be an important factor in attracting talent”.
DUO is a major urban architectural project. It consists of two towers (27 and 39 storeys), as well as a green space open to the public. The towers, designed by Ateliers Jean Nouvel, are being developed by Hines and built by Vinci. The mixed-use project will feature offices, shops, a high-rise luxury hotel, restaurants, a sky bar and an auditorium. DUO will also include a garden open to the public, tree-lined patios and numerous access points to public transportation. DUO represents a creative revolution of new collaborative spaces (coworking, fablab) with workspaces centered on well-being. DUO is one of the first French towers registered WELL® Core & Shell and provides a full range of amenities accessible through its innovative multidevice App.