CBRE advises Testa in the sale of an office building in France for 450 million

CBRE, the leading global real estate consultancy, advised Tesfran, an affiliate of Testa France, in the sale of the Tour Adria office building for 450 million euros. The transaction, closed today, relied on the advice of a joint Spanish and French CBRE team.

The building was purchased by a group of French insurance companies led by fund manager Primonial PREIM.

Tour Adria, which opened in 2002, has over 54,000 square metres of construction and 40 floors. The building currently houses the Technip headquarters, an oil company with over 36,500 employees and present in 48 countries, and is considered to be one of the most modern and relevant buildings in the French capital.

“The largest transaction completed so far this year in the French market, CBRE believes this proves the market depth and investors’ appetite for large, first-class assets with secured income”. Said Janet Stewart-Goatly Director of CBRE Capital Markets France

“This transaction, which is an important milestone in the French office market, highlights CBRE, and its team’s, prowess in advising Spanish companies and their international affiliates in transactions of this complexity” said Adolfo Ramírez-Escudero, Managing Director of Capital Markets at CBRE Spain.