Tiffany & Co.’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’s three French boutiques are within about a 15 minute walk of each other in Paris. Two are in neighboring department stores Galeries Lafayette and Printemps.
“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.
Paris overtook London as the biggest market for commercial-property investment in the second half of last year, CBRE said in a separate statement. The amount spent on offices and retail buildings in the French capital climbed to 7.86 billion euros, a 31 percent increase from a year earlier.