Tiffany & Co. (TIF)’s flagship Paris store in the city’s fashion district was put on the market for more than 30 million euros ($40 million), according to CBRE Group Inc., the broker handling the sale.
The property at 6 rue de la Paix near Place Vendome has 770 square meters (8,288 square feet) of space used by Tiffany, the world’s second-largest luxury jeweler, and closely held Austrian retailer Kornmesser, CBRE said in a statement today. Both tenants have long-term leases, CBRE said without identifying the building’s owner.
Tiffany, based in New York, plans to renovate the Paris outlet next year, Agnes Cromback, head of the company’s French unit, said in a September interview.
“Prime retail properties of this quality and with this strength of tenant are rare,” Larry Young, an associate director at CBRE, said in the statement.