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Local Matters / Changing Landscape

Major new Development in La Defense Backed by Goldman Sachs

new-development-in-la-defense-fyltyr

The public body responsible for renovating La Defense has signed a deal with France’s biggest commercial property developer and Goldman Sachs to move forward with a major new development in La Defense.

The Pascal Towers, a fixture in La Defense since 1983, will be given a new lease of life after Epadesa signed a promesse de vente with developers Altarea Cogedim and investment bank Goldman Sachs, permitting them to undertake the massive transformation of the building.

Altarea, who own the building through their fund Altafund (backed by Goldman Sachs) unveiled the project at March’s MIPIM conference in Cannes where many similar developments in La Defense or Grande Paris had promesses de vente signed. Lead architect Dominic Perrault explained the motivation for the project in a press release at the time.

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Example of a terrace accessible to office workers © Kreaction / DPA / AltaFund / Goldman Sachs

“The Tour Pascal, built in the 1980s, lacked quality or sustainability. We, therefore, need to undertake this transformation and renovation of certain aspects to produce a sustainable building, in a sustainable neighborhood, for a sustainable metropolis. As its name suggests, Landscape will offer a panorama of usages. The ensemble will be dominated by natural light and will offer spaces that are atypical, flexible and scalable to meet the changing needs of users.”

The renovation will ensure that natural light better permeates the ensemble; the roof space will be extended to 2,300 m2; an increase in the number of halls or two-storey ceilinged rooms; offices that all have direct access to the outdoors or at least large openable windows; an increase in the amount of public space – including a restaurant and cafeteria – on the ground floor, among other additions.

Work can on the new development in La Defense can begin once the Department for the Environment, Sustainable Development and Energy vacates the building next year, and a 2020 completion date has been set.

title image: finished project © Kreaction / DPA / AltaFund / Goldman Sachs

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