Article

Cale Street Partners has acquired the Tour Hopen building in La Defense, Paris, amid increased vacancy rates and collapsing valuations in the area. The building was previously owned by a consortium led by Praemia REIM France.

Vacancy rates in La Defense have surged to 31.8%, influenced by the rise of remote work and political instability in France. Other office towers, including Tour Europe, are also being marketed for sale, with expected bids below their previous valuations.