Hammerson Agrees Paris Office Lettings

LONDON-Hammerson has agreed two significant office lettings at its recently completed Paris office schemes at 53 quai d’Orsay and 148 rue de l’Universite, both in the seventh arrondissement on the left bank of the Seine.

At 53 quai d’Orsay, an international law firm has agreed to lease the entire 100,000-sf building. The lease is for a fixed term of ten years, at a rent of €6.8 million ($6.7 million) per annum, equating to €774 per sq m ($70 per sf) for the office space, payable from mid November 2003.

And at the adjoining 148 rue de l’Universite, Hammerson has agreed a deal to lease 28,000 sf on three floors of the 110,000-sf to an international software company. A nine-year lease has been agreed with a tenant’s breakoption at the end of year six. After a four-month rent-free period the rent will be €1.8 million ($1.75 million) per annum, equivalent to €710 per sq m ($65 per sf) for the office space.

Hammerson Chief Executive John Richards said negotiations were under way with potential occupiers for the rest of the building.

“These transactions and the discussions currently underway, demonstrate that there is continuing demand from major international occupiers for prime new office accommodation in central Paris,” he said. Jones Lang LaSalle is letting agent.