Owners are ready to begin in estors also

Rapid relaxation, the Generali Group took e eryone to court. A ew months a ter the announcement o the stimulus package o de ence but be ore e en the legal arrangements are inalized, the Italian insurer has un eiled its project. With the da inci promoter, that brings it 30,000 m2 o rights to build, it will build a 300 metre-high tower on the site o the still occupied Iris o 12,000 m2 building. The new skyscraper will be designed by the architects alode and Pistre on 90.000 m2, the largest batch o any business district. Still in the study, the building o a less con entional orm as the traditional parallelepipeds o the business district is already a model or sustainable construction.

The project matured or two years, it alls to. "We really needed a political will which helps us to launch new projects rather than to patch up our old buildings, says Anne-Marie de Chalembert, the real estate Group Director." or Generali, the issue is size, this tower will represent an in estment o EUR 500 million, or 10 o our real estate assets, and we are launching the risk. How do I know at what le el settle rent in 2011 at the time o deli ery We are building on the success o this area and ha e built our assumptions about the current prices.

Incenti e plan

Need to wait another ew weeks to disco er, end o No ember, the winner o another international competition launched by the land Unibail to an another high-rise building on a site adjoining the circular boule ard, behind the CNIT in all discretion. Competitors are i e rench and i e oreign agencies selected among the most amous. The Ministry o equipment should also announce a consultation or the construction o its headquarters. inally, a new building designed to accommodate market halls will be bridging the "dish o noodles", the interchange located between the irst two rounds o the Société Générale and granite, the latest.

One, maybe two other towers o 300 meters or more should change by 2013 the "skyline" o the de ence and also car ing a new landscape in the sky o the capital. At the same time, about 20 smaller buildings will be demolished and rebuilt, larger and more modern. In this concert o ideas, Bernard Bled, the Director General o the public establishment o de ence (Epad) Management intends well to turn the wheel and gi e chances to designers as Manuelle Gautrand or Jacques errier still absent in the neighbourhood.

This reco ery plan is accompanied by incenti es to con ince the owners to act quickly, be ore 2013. Administrati e bene its irst: accreditation will be more necessary when in estors reconstruiront double destroyed sur aces. The deletion o this step will sa e time or all projects. Then tax exemptions: destroyed sur aces and the 40,000 irst square metres rebuilt or each building, will be not subject to the le y on the premises o o ices, which represents a sa ings o 244 euros per square metre. inancial aid inally: "additional rights to build are still under negotiation." This is the case while remaining in the market price. "We will take account o the act that an in estor will ha e to mo e its tenants and reeze assets or se eral years to impro e," announces the Epad pattern.

The context is a ourable: transactions on the market o O ice seem to start rising and the neighborhood displays an immediate acancy rate o less than 5 and 8.5 at six months. This year, more than 350,000 m2 a ailable would ha e been absorbed, especially in large transactions: Dexia Bank bought the American Group Tishman Speyer the CBX Tower, it held more than 40,000 m2. the law irm o Accountants Mazars and Guerard mo ed into the building Exaltis, the insurer March, come to Le allois, praised 19,000 m2 in the tour Ariane, Pechiney Alcan mo ed 16th arrondissement to the CB16 Tower...

A cyclic acti ity

ollowing the simple law o supply and demand, rents ha e resumed their climb: 530 euros the square metre per year, the highest are below 200 euro prices in popular neighbourhoods o the capital. Despite their enthusiasm o the moment, the marketers know that the acti ity o the de ence is cyclic. Because the major arri als can also desert place, a ew years later, towards Poles o the Hauts-de-Seine much cheaper and sometimes more recent. Arcelor has to lea e the Paci ic building or oothold in Saint-Denis. The new de ence must there ore also widen the gap and gi e isibility to a neighborhood begins to age.

"This is what I heard say among oreign in estors or corporate users, continues Bernard Bled. Yet, all are ready to come. When I announced plan o reco ery at the Mipim in Cannes, last March, I could sell the rights auction and e en more sur aces. ""We inter iewed major users". Tenants and in estors are interested in large modern sur ace o beauti ul buildings, and architecture between competition, technological inno ation and a commitment to the en ironment in the construction o ery good quality and access ser ices. "E erything that proposes the stimulus plan," said Thierry Laroue-bridge, Deputy Director General o the Council Atisreal.

According to these

criteria, the core de ence building is still in the race, and the recently reno ated towers as CBX, CB16, Opus 12 in which remain a ew trays or rent.

But as written Sébastien Bazin, the President o Colony Capital Europe, in the letter o the Epad, "recent reno ation operations were ery success ul, but it was only o cosmetic not resol ing the issues: e iciency o trays, presence o ser ices...". In estors 25 announcements "This decision is bra e and it goes in the right direction i not sti le in estors goodwill under taxes and expenses associated with their projects," judge Etienne Bertier, President and CEO o Icade, owner o the Nobel Tower, restructured, and the tour Descartes, which needs to be.

New landscape

The T1 Tower, already launched by Lucia, SITQ, the Caisse de Dépôt du Québec and Colony Capital, is the irst to meet the new requirements. E en i it is part o the pre ious generation, with "only" 180 metres high, it o ers a wide range o ser ices and loors whose Heights under 3.10 meters ceilings allow installation o market halls. The tour AXA, CB31 code name, soon gi en to the taste o the day by the Americans Kohn Pedersen ox (KP ) architects, will be the second. His 75,000 m2 licence has been obtained, the project is "wrapped", not sure that he has the bene its o the stimulus plan.

"Then it probably will happen some time be ore the e ects o ads translate on the ground, said Ludo ic Delaisse, in charge o the Paris region in Cushman & Wake ield. The owners will ha e to wait until the end o their leases or negotiate the departure o their tenants. In some cases, the towers are managed condominium, which announces long discussions. But two or three projects are already circulating. Owners are ready to begin, in estors also.

The question o arbitration will then arise: continue to rent in the State without being able to increase the rent or immobilize an acti e or se eral years, destroy it, rebuild hope to lease more expensi e. or the leaders o the Epad, the answer is ob ious: "the contagion plays in this kind o projects, think his head. When an in estor will see its tenants lea ing or better equipped and inest buildings, it to draw the conclusions and will launch its site. "Second debate, should rise so ar "I question the Signal Tower one o the highest Editor's note, written Sébastien Bazin.". The cost o such a construction is ery high and there ore risky because there is no isibility on the market in its output, except to build or a user.

No one seems more questioned the legitimacy o this issue. Is it to London or taunt Paris The 300-metre towers will be likely built. In the meantime, it is not exactly ready. I in estors such as Generali, already owners o their lands, can start their work immediately, others require administrati e decisions including decommissioning o land belonging to the State on the right-o -way o the road as part o the plot where Unibail plans to grow its Tower.

In 2013, the de ence will ha e surely changed ace, but by then it will be o major projects. As more o ices towers, planners expect to tackle the problem o transport and to build almost 1,500 dwellings. E en i this new o ering will help to maintain the current balance habitat-employment in the district, the promise to participate in the national e ort to sol e the housing crisis should be an argument o the lobbying led the Epad be ore the summer. This commitment is insu icient or Parisians elected o icials who criticized this last in a press release issued on 19 October. "Ha ing announced loud and early August the reno ation o the de ence, the Go ernment decided construction by 2013 o 450,000 m2 o additional o ices without appro al, without concern or a share o the housing o uture employees concerned, or e en to their conditions o access by public transport."

The plan but the extension o the line Eole rom Saint-Lazare. An unused underground station is already a ailable, but the project announced by the Ministry o transportation is not programmed. In ten years o study and work, hal o the circular boule ard was rede eloped: the road "slowed" to the natural ground le el and se eral o erpasses ha e been remo ed, tracks open to cyclists. "What was a highway has become an urban boule ard that pedestrians can cross in some places." These works ha e cost US 50 million euros. We all unded, except the paths. "It takes about three times or the same distance > because books are more numerous, the topography o the land more complicated and we expect in some areas o the work o co erage", says Patrick Tondat, Director General o the Epad, responsible or the planning and de elopment.

A Board o Directors o the institution should endorse all o these projects the beginning o December. He reprécisera the unctions o this organization, which pro ides or orty years the de elopment o the neighbourhood but also its operation, now assigned to another structure consisting o the municipalities o Nanterre, Puteaux and Courbe oie.