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Leibish & Co

Monday, March 5, 2012

Tiffany's Paris Flagship Property For Sale


The property that houses Tiffany & Co.’s flagship Paris boutique has been placed on the market for more than 30 million euros ($40 million). However, the luxury retail jeweler will not be leaving the space.

Commercial real estate services firm, CBRE, said in a statement that it has been instructed to sell what it calls “a trophy retail asset” located at the entrance to Place Vendome at 6 rue de la Paix. The 8,230-square-foot space is being sold in behalf of a private owner. It contains two retail jewelers, the second store being Kornmesser, a private Austrian luxury jewelry and porcelain retailer.

Both tenants recently committed to new long term leases, CBRE said.

Rue de la Paix is one of the most prestigious addresses in the French capital. Known as the centre of luxury retail in the city, jewelry brands in the area include Bulgari, Van Cleef, Hermes and Cartier. Luxury brands moving into the area include Louis Vuitton, which plans to open its flagship Parisian store on Place Vendôme, and luxury Swiss watch brand, Breguet, which will be opening its world’s largest store.

"Prime retail properties of this quality and with this strength of tenant are rare,” said Larry Young, International Investment, CBRE Capital Markets Paris.

Initial offers are being sought in late March, he said.

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