BNP Paribas Real Estate sells office development for €477m

BNP Paribas Real Estate has sold its off-plan office development Ecowest, located at 80/82 Quai Michelet in Levallois-Perret, a submarket of Paris, for €477 million ($537.1 million) to White River C Levallois SCI, owned by the Abu Dhabi Investment Authority.

The development teams of BNP Paribas Real Estate have started the development of this office building, which is planned to be completed during the second quarter of 2017. It will total 624,307 square feet of office space. The main tenant will be L’Oréal, which has signed a lease for 419,793 square feet.

BNP Paribas Real Estate was advised by its French transaction teams, Thibierge & Associés Notaries and Cabinet Lacourte Raquin Tatar.