Paris Office Market Wilts to 10-Year Low as Taxes Crimp Spending
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In the heart of Paris’s swanky 7th arrondissement, the 17th-century Laennec hospital is being refurbished to house Gucci-owner Kering SA’s new headquarters.
For Olivier Wigniolle, the chief executive officer of Allianz Real Estate France, which owns the site, the Kering project is a bright spot in an otherwise gloomy Paris office market. Allianz bought the establishment with its two historic buildings and a chapel in 2002 for 82 million euros ($111 million) and is now spending 95 million euros to fix it up.