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Paris is showing that it’s not to be outdone in the battle of the skyscrapers. And the developer, Russian company Hermitage, in addition, wants to double up for good measure.
The Parisian project in planning is for two towers of 320 metres and 85/86 storeys on the outskirts of the city, but still within easy reach of central attractions. The complex would comprise office space, a hotel, and luxury apartments. The towers would top The Shard of London by ten metres, thus claiming the spot as tallest skyscraper(s) in Western Europe.
While there is caution around the mixed-use project from experts, particularly in relation to France’s slow economy, the CEO of Hermitage, Emin Iskenderov, is confident that, as this form of building has proved successful in other areas of the world such as the Middle East and China, the Paris project will also attract both investors and tenants.
Sally Brough, Director at Morgan Pryce, notes that this is a brave choice of development in a city that has noticeable vacant space and other development projects heading for completion shortly. “You need only look to London, which arguably has a stronger economy at present, to see that it’s not necessarily easy to fill a new building with occupiers – even when that building has landmark status. In fact, because there are so many such buildings going up around the world, international companies may not consider it necessary to occupy one in every city in which it has offices.”
It is estimated that the development will cost €3 billion, and may even begin this year, after the financial arrangements have been finalised.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.