Upsilon is due to be completed by mid-2013.
The building, designed by the architectural firm Arte Charpentier, is located on 10 rue Raymond David. It will provide approximately 17,000 m² of office space, archives and RIE, with 388 parking spaces. All administrative approvals have been granted and Upsilon will be completed by mid-2013, certified by HQE and labelled by BBC.
Located 1 km from the ring road, close to the metro line 13 and Transilien (train), the building will accommodate free standing luxury offices, on the large surface of approximately 3,000 m².
Laurent Luccioni, MGPA CEO for Europe and Robert Balick, Senior Managing Director of CarVal Investors, both commented that: "This acquisition reflects the investment strategy of MGPA and CarVal Investors, based on a thorough analysis of the lack of quality offer for office users in key European markets such as Paris.
“Upsilon will appeal to tenants looking for large, modern grade-A space with competitive occupancy cost and good connectivity, while staying within 1 km from Paris.”
The transaction is financed by Natixis and Credit Foncier de France. The investment was proposed to MGPA and CarVal Investors by Solly Gubbay Consultants.