The pen gives way to the financiers at 46 Boétie

Rothschild & Co is securing a third address in the Boétie district of Paris. According to our sources, the investment bank led by Alexandre de Rothschild has signed a forward lease agreement (BEFA) on 46 Boétie — a building previously occupied by British financial daily the Financial Times and Les Échos. Finalised in the first half of 2024, this lease, initiated by an independent advisor to Rothschild & Co and CBRE, was concluded at a headline rent of €980/sqm/year with 15% tenant incentives, on a firm twelve-year term. Owned by Mitsubishi Estate since late 2014 (€36 million) and managed by Aquila Asset Management, this 2,600 sqm office asset will be redeveloped with a budget of around ten million euros. A preliminary planning consent has been obtained without appeal. Rothschild & Co will receive the keys to the asset in 2027 to house approximately one hundred employees from its investment fund Five Arrows, which has until now been occupying space at the upscale flexible workspace operator Kwerk at 18 Courcelles.

54/56 Boétie and 45 Boétie/11 Delcassé secured

As previously reported by CFNEWS IMMO, the investment bank secured, at the end of 2022, the lease of 54/56 Boétie (21,500 sqm) as its future headquarters, on a firm twelve-year term. Rothschild & Co agreed to pay a rent of approximately €930/sqm/year, including between 15% and 20% rent-free incentives granted by the landlord (Norges Bank Real Estate Management). This figure will furthermore be upgraded upon the tenant's arrival. This BEFA includes fit-out works at the future tenant's expense, while Norges is committing a capex envelope of €80 million — equivalent to over €3,700/sqm — to redevelop the complex. For reference, this asset, being redesigned by BSTLL Architectures, formerly housed the headquarters of Alcatel-Lucent. Last winter, the same investment bank returned to the same Parisian street to accommodate other business activities. At the corner building of 45 Boétie/11 Delcassé — a 5,000 sqm property owned by Covivio — Rothschild & Co signed for 3,600 sqm at a headline rent slightly above €900/sqm/year, inclusive of 15 months of tenant incentives.