EuropArabBank has agreed to pay a new record high rent for an office, located in the Champs Elysees in Paris, property advisor Savills reported, as quoted by investor.bg.
The landlord, SCI Elysee 26, has let the final floor at 26 Champs Elysees, Paris 8 to the bank at a rent of 680 euro a sq m on a three-year lease with the option to extend it to six or nine years. The recently refurbished floor comprises 470 sq m of office space.
“The Champs Elysees represents a popular area and this record rent achieved reflects its position as part of the wider central business district (CBD). Paris remains a key business destination, with an 11 per cent pricing increase in the CBD last year, and has competitive rental levels compared to the rest of Europe,” said Herve Blanchet of Savills, who advised both sides on the letting.
Other tenants at 26 Champs Elysees include the online real estate agents Fortuneo, the publishing company Editis and the non-residential building operator Capital et Continental.
Despite its popularity, Champs Elysees has recently started to deterred tenants due to exorbitant rent levels. The international restaurant chain Planet Hollywood was the latest world brand to close its office on the famous Paris boulevard in February.
