French Socialist Party Sells Paris HQ After Electoral RoutBy
The French Socialist Party sold its Paris headquarters for 45.5 million ($54 million) after disastrous elections this year forced France’s oldest political party to raise money.
The purchaser is closely-held French real estate developer APSYS, which said it would renovate the 3,323 square meter mansion near the Musee d’Orsay to turn it into its main office. The Socialists will retain use of the building until September 2018.
Once France’s largest party, the Socialists scored only in the single digits in this year’s presidential and legislative elections, leading to a reduction in public subsidies. The party lost centrist supporters to President Emmanuel Macron and leftist supporters to Jean-Luc Melenchon’s far-left movement, and has been riven by internal divisions on how to respond.
The center-right Republicans, who along with the Socialists had dominated French politics for decades until Macron swept them aside, are also considering selling their Paris headquarters to pay down debts, according to persistent French press reports.