Located in Paris’s central business district near Parc Monceau, the building’s metamorphosis represents much more than mere aesthetic upgrades.

The deal also marks a broader resurgence of foreign capital in Manhattan, particularly from the Gulf region.

The facility is expected to become operational by the first quarter of 2027.

The 15,000 m² Grade A facility is fully leased on a 10-year term to a prominent Swedish car manufacturer.

CPPIB also suggested that the decision was partly influenced by recent amendments to Canada’s Competition Act.