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Champs-Elysees Building Sells for More Than $600 Million in Record

  • The building is situated 150 meters from the Arc de Triomphe
  • Groupama Immobilier generates net gain on transaction
150 avenue des Champs-Elysees
150 avenue des Champs-ElyseesSource: Google Maps

A building on the Champs-Elysees changed hands for more than 600 million euros ($600 million), a record for a commercial real estate transaction on the landmark Parisian avenue.

Groupama Immobilier sold the building, located 150 meters from the Arc de Triomphe, to a new fund, Cheval Paris, the French group said in a statement. The price tops the previous record of 613 million euros paid for a building on the famous street, said Eric Donnet, the head of Groupama Immobilier. He declined to give the exact sale price.