The global auditing firm RSM has signed a long-term lease until autumn 2037 for the 7,500 square meter “Opéra Italiens” in Paris. The architecturally outstanding office building is strategically located in the Opéra district of Paris. The KanAm Grund Group acquired the property in 2022 for one of its special real estate funds on behalf of a northern German pension fund manager.
RSM International is the sixth largest global auditing, accounting and consulting network. The company is 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 terminate the lease agreement with WeWork. By doing so, we consciously focused on the opportunities presented by the Paris office real estate market, which has paid off in a short time. Not only have we secured a global tenant for a new 12-year lease, but we have also succeeded in increasing the overall rent to market level. This success underscores our philosophy of investing in prime locations within top-tier markets. Paris remains one of our key investment destinations for core, core+, and value-add office properties across Europe."
Prestigious building in the heart of Paris
The “Opéra Italiens” was built in 1911. The 7,500 m² building was completely renovated in 2021 and now offers class A office space. It has seven upper floors, a garden level, a landscaped courtyard and 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 neighborhood 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, some media companies and various luxury groups have settled here. Chanel recently signed a long-term lease for approx. 7,700 m² directly adjacent to the property. 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 by metro lines 3, 7, 8 and 9. The Auber/Opéra stop, 300 meters away, is also connected to the suburban train line RER A. Saint-Lazare station 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
The building not only impresses with its excellent location, but also with its architecture. The main façade is designed in typical Haussmannian architecture, while the façade on the side facing Rue Helder consists of Art Deco elements. The building used to house 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 Matters moved in.
The “Opéra Italiens” was 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 located in Paris, in the heart of the Golden Triangle (Paris Central Business District), since 2005. The office is strategically located on the famous Ave-nue des Champs Elysées and is therefore in close proximity to 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 KanAm Grund Group's local presence 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 above all 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 office was established, the asset management team has leased 455,000 square meters of space.