Oxford Completes 100% Lease Up of Prime Paris Office 32 Rue Blanche After Renovation

Comprehensive renovation program delivers significant rental uplift establishing 32 Rue Blanche as one of Central Paris’ most sustainable and connected workplaces. New leases with Sodexo, Factset and EOS Imaging, alongside renewed leases with existing occupiers Criteo and Mutuelle Interiale bring the asset to 100% occupancy.

March 5, 2024

PARIS, FRANCE –  Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, today announced it has fully let 32 Rue Blanche, a 238,000 sq ft Class-A office building in Central Paris. This successful leasing programme follows the completion of a comprehensive renovation scheme, significantly upgrading the asset’s sustainability performance, amenities and technology capabilities, transforming 32 Rue Blanche into one of Paris’ most sustainable and connected workplaces.  

Since acquiring the asset in 2014, as its entry into the French market, Oxford has amassed a leading multi-sector portfolio across France, representing approximately €1 billion in AUM. 32 Rue Blanche’s location within Paris’ vibrant 9th arrondissement established Oxford’s presence through a coveted footprint within Paris’ highly supply constrained office market. Supported by these market dynamics, Oxford negotiated long-term lease renewals with existing occupants Criteo and Mututelle Interiale ahead of starting a comprehensive capex programme to further drive value through the significant mark-to-market opportunities within 32 Rue Blanche’s newly unlocked space. 

With today’s newly announced leases, joining leading French adtech firm Criteo (101,000 sq ft) and French public sector health insurer Mutuelle Interiale (24,000 sq ft) at 32 Rue Blanche are Sodexo (60,000 sq ft), EOS Imaging (31,000 sq ft) and Factset (14,000 sq ft), who have all signed on via long-term leases, illustrating the continued demand for high-quality, well-located, sustainable office product.  

Pierre Leocadio, Head of Office & Retail Europe at Oxford Properties, said: “Our leasing success at 32 Rue Blanche is testament to Oxford’s local asset management capabilities and a result of the strong relationships we developed with our existing customers. As the business evolved, Criteo came to us in 2021 to reduce their office space at 32 Blanche. While others might see challenges when an existing occupier wants to reduce its footprint, we saw a huge opportunity and executed on it. We worked closely with Criteo and Mutuelle Interiale on new leases and we took the opportunity to re-invest in upgrading the asset to a level that aligns with more flexible, hybrid workplace strategies with prime amenities to align with occupiers demand. All while delivering a significant rental uplift at the asset.”  

Estelle Murer, Investment & Asset Manager at Oxford Properties, added: “Our significant investment in the refurbishment of the asset has helped us create one of Central Paris’ most sustainable and connected workspaces. It’s overall focus on wellbeing, social interaction and sustainability further supports our customers in attracting and retaining talent, which has been critical in the asset’s success.” 

The refurbishment of 32 Rue Blanche has transformed the asset into a leading sustainable and connected office building. Possessing an exceedingly unique rooftop terrace, providing workspaces with sweeping views of Paris’ historic cityscape, through digital infrastructure enhancements the asset has successfully achieved a WiredScore rating of ‘Platinum’, with WiFi connection extending all the way to its rooftop workspaces. Additionally through the scheme, the asset’s BREEAM rating was upgraded from ‘Good’ to ‘Excellent’ and, by replacing over 1,500 lighting units with LEDs, Oxford achieved an approximate 10% reduction in the property’s energy consumption, in line with its commitment to decarbonization. 

Throughout the building, Oxford refurbished the lobby, as well as its 1,400 square meters rooftop to create outdoor meeting and working spaces but also introducing 600 additional plants. With a focus on wellbeing, connectivity and mobility, Oxford introduced new expanded bike storage, electric car charging stations and lockers, while also establishing social mobility opportunities via a program to connect local students with employees in the building.