Ivanhoe Cambridge Gets Permit for Paris Tower Project

  • Construction on office towers to start after 50% is pre-let
  • Complex to include eight-story hotel, restaurant, gardens

Ivanhoe Cambridge Inc., one of Canada’s largest property investors, received permission from the Paris city hall to start building a two-tower development on the River Seine designed by architect Jean Nouvel.

The 1.16 million square foot (108,000 square-meter) Tours Duo complex will include 27-story and 39-story office buildings, an eight-floor hotel, a restaurant and public gardens, the company said today in a press statement.

“The issuance of the construction permit brings us into a new phase of this exciting project,” Meka Brunel, executive vice president of Ivanhoe Cambridge Europe, said in the statement, “The Tours Duo will become a top business real estate destination in the capital."

The project is located in Paris’s 13th arrondissement to the southeast of the city center on a former industrial area that’s part of the the ZAC Paris Rive Gauche master plan. Ivanhoe Cambridge said Tours DUO is similar to works the company has undertaken at River Point in Chicago and Bay Park Center in Toronto.

The office towers are set for completion in 2020 and construction will start when at least 50 percent of the office space is pre-leased, according to Ivanhoe Cambridge. As of June 2013, Ivanhoe Cambridge, a subsidiary of Canada’s Caisse de Depot et Placement du Quebec, had more than C$48 billion in assets, the company said.

(Corrects last paragraph after company clarifies construction-start plans.)
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