Covivio has announced the acquisition of a building of 25,600 m², located avenue de la République in Châtillon, in an off-plan purchase from AXA IM – Real Assets, acting on behalf of clients, worth €121m (ex. fees). Called “IRO”, the building is being developed by Marignan from an architectural blueprint devised by Ateliers 234.
The IRO building is directly accessible by public transport (metro L13, tramway T6 and the future “Grand Paris” L15 in 2025) and enjoys a strategic location in the heart of Greater Paris. The operation was launched in May 2018 and delivery is expected in early 2020.
A premium location and a prized hub for key accounts
The Malakoff-Montrouge-Châtillon hub is today one of the most attractive service business areas in the Greater Paris project. With a total of over 1 million square metres, the hub is in great demand with key accounts (relocation of the Crédit Agricole campus, EDF, Edenred, Orange, Pfizer, Insee…) that are looking for new or redeveloped offices. At the end of June 2018, the zone, where only 11% of the facility is actually new surface area, was posting an historically low vacancy rate of under 6%. In this setting, IRO has the benefit of a particularly advantageous delivery schedule: the operation will be one of the very few offers of over 5,000 m² available in this sector.
25,600 m² for living and working with a full suite of high-end services
IRO stretches over 5 levels, around 4 landscaped patios and a huge garden. The building has 2 separate lobbies, flexible and divisible full floors of over 4,000 m², a business centre and 380 parking spaces. In terms of services and everyday convenience, IRO offers a wide range of spaces: 3,500 m² of terraces and gardens including a rooftop, a business restaurant with a capacity of 1,200 places, a coffee-shop with a connected e-lounge area, and a concierge service. The introduction of a fitness and wellness centre is also possible.
In line with Covivio’s sustainable development ambitions and objectives, the building will be certified to the highest industry standards such as BREEAM Excellent, NF HQE Very Good, WiredScore Gold, and BiodiverCity.
“With this acquisition, Covivio is consolidating its presence in the major business hubs of Greater Paris, particularly in the business district of Malakoff-Montrouge-Châtillon. IRO is perfectly in line with user expectations and is located in a particularly attractive area, as such it will stand out as one of the new showcases for quality of portfolio and service offering from Covivio,” emphasised Olivier Estève, Deputy CEO of Covivio.
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