The global auditing firm RSM has signed a long-term lease until autumn 2037 for 7,500 m² at “Opéra Italiens” in Paris. The architecturally outstanding office building is strategically located in the Opéra district of Paris. The KanAm Grund Group purchased the property in 2022 for one of its specialized real estate funds.
RSM International is the sixth largest global network for auditing, accounting and consulting represented in over 120 countries and employs more than 65,000 people worldwide. The Paris office employs 650 people. RSM offers customized, multidisciplinary auditing, accounting and consulting services for SMEs, mid-sized companies and large corporations in France and internationally.
The previous tenant of the “Opéra Italien” was the US co-working provider WeWork. In view of WeWork's financial situation at the time and the strength of the CBD rental market in Paris, the KanAm Grund Group took the opportunity to terminate the existing lease prematurely and by mutual agreement in June 2024.
Anthony G. Bull-Diamond, Managing Director and Head of Investment and Asset Management Europe says: “It was a strategic decision to agree the termination of the lease with WeWork. In doing so, we deliberately focused on the opportunities offered by the Paris occupational market, and this has paid off within a short space of time. Not only have we secured a global tenant on a new 12-year lease but have also managed to increase the headline rent to market levels. This success underscores our philosophy of investing into prime locations in top tier markets. Paris is and will continue to remain one of our top investment destinations for core, core+ and value-add offices across Europe.”
Stéphane Marie, President of RSM France, adds: “As an agile company, we have developed in many areas in recent years. Thanks to our structures and our employees, we have been able to significantly expand our range of services, among other things. As part of the strategic project “Growing together”, we are paying particular attention to the people who work for us today and tomorrow and are continuously expanding our presence as a result. Opéra Italiens meets all the requirements that are important to us. In addition to the dynamic and collaborative working atmosphere, it is above all the excellent location of the building that inspires us and is important to us. For over 20 years, our focus has been on local support with a high level of expertise.”
Prestigious building in the heart of Paris
The “Opéra Italiens” property was built in 1911. The 7,500 m² building has been fully refurbished in 2021 to offer grade A office space. It features seven upper floors, a garden level, a landscaped inner courtyard as well as two terraces with impressive views over Paris. The property is accessible from three streets and is located at 5-7 Rue des Italiens/14-16 Rue du Helder/11 Rue Taitbout in Paris. The district has been a prestigious location for major French banks and insurance companies since the beginning of the 19th century. Over the years, companies from the public sector, media outlets, as well as various luxury groups have been attracted to the location. Directly adjoining the property, Chanel recently signed a long-term lease over circa 7,700 m². The Galeries Lafayette and Printemps department stores are in the immediate vicinity, as are numerous restaurants, bars and cafés.
The office building is located on two main thoroughfares, Boulevard Haussmann and Boulevard des Italiens. It can be reached via metro lines 3, 7, 8 and 9. There is also a connection to the suburban train RER A via the Auber/Opéra stop 300 meters away. The Saint-Lazare station hub with metro lines 3, 12, 13, 14, the RER Eole and domestic train connections is also very close by.
Historically significant building with the highest quality and environmental standards
In addition to its outstanding location, the building is also impressive from an architectural point of view. The main façade is designed in a typical Haussmannian architecture, while the façade on the side facing Rue Helder consists of Art Deco elements. Formally, the building was home to the former French newspaper “Le Temps”, as the large clock in the façade still indicates. The “Opéra Italiens” then served as the headquarters of the newspaper “Le Monde” before the Paris State Court for Financial Affairs moved in.
The “Opéra Italiens” has been awarded the BREEAM certificate “BREEAM In-Use Very Good” and the “WiredScore” certification, thus offering high quality and environmental standards. In addition, the building complies with the “Decree on improving the energy performance of buildings” (“décret tertiaire”).
KanAm Grund Group branch in Paris offers various locational advantages
The KanAm Grund Group's French branch has been in Paris, in the heart of the Golden Triangle (Paris Central Business District), since 2005. The office is strategically located on the famous Avenue des Champs Elysées and is therefore near other market participants and key agents/consultants.
Since its foundation, the KanAm Grund Group has handled a transaction volume of around 10 billion euros in France and manages around 800 million euros in investor funds there.
The local presence of the KanAm Grund Group in Paris offers various advantages. In addition to extensive knowledge of the local real estate market, current demand for properties, trends and market conditions, investors benefit from the team's long-standing personal contacts on the ground. The branch also offers locational advantages in the implementation of asset management activities and letting processes.
The KanAm Grund Group currently has 16 properties in France in its portfolio. Since the branch was established, the asset management team has leased 455,000 m² of space.