Distressed Paris Office Towers Set for Cut Price Sales

A series of office towers in Paris’s financial district are being taken over by lenders or are set for cut-price sales as the area grapples with a soaring vacancy rate and collapsing valuations.

Cale Street Partners, a lender backed by the Kuwait Investment Authority, has taken control of the Tour Hopen building in the La Defense district to the west of central Paris, people with knowledge of the process said, asking not to be identified as the details aren’t public. The building was owned by a group of investors led by Praemia REIM France.