AXA Real Estate has started the first stage of construction of its Balard office campus in Paris.
The 86,000 m2 project was undertaken on behalf of AXA Real Estate’s Development Venture III vehicle.
The site, which AXA acquired in May 2011, is next to the headquarters of the French Ministry of Defence in the Balard district. The MoD office is currently under construction.
The office campus will comprise four office buildings being constructed in two phases. The first phase includes two buildings offering 20,000 m2 and 26,000 m2 of rentable area over eight floors. The second phase will comprise 40,000 m2 of space.
Construction is scheduled to complete in summer 2015.
Development finance for the first phase has been agreed with a consortium of French banks, said AXA.
