© Laurent Blossier
Mipim Award 2011 - Trophée Pierres d’Or 2011
OPENING OF FIRST TOWER
5 may 2011
Press contact: Valérie Jardat - Agence côtéJardat
Tel +33 (0)1 41 05 94 10 - E-mail [email protected]
OPENING OF FIRST TOWER 5 may 2011
CONTENTS
FIRST Tower, an exceptional event for the skyscraper
that overcomes all challenges
03
FIRST Tower, foreshadowing the new look for La Défense
05
FIRST Tower, the gamble taken by four partners pays off
07
FIRST Tower, the first new-generation high-rise building
in La Défense designed by KPF and SRA
08
FIRST Tower, a technical feat
10
FIRST Tower, the largest HQE certified development in France
11
FIRST Tower, a cost-effective skyscraper
12
FIRST Tower, a new kind of working space
14
FIRST Tower, in figures
16
FIRST Tower, the key players
17
FIRST Tower, the timetable
18
®
PaRTNER PROFIlES:
AXA Real Estate
20
BEACON CAPITAL PARTNERS
21
ALTAREA COGEDIM
23
BOUYGUES CONSTRUCTION
25
EPADESA
26
2
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, aN ExCEPTIONal EvENT
FOR ThE hIGh-RISE buIldING ThaT OvERCOmES
all ChallENGES
FIRST Tower was officially opened on Thursday 5 May in the presence of all of the key figures involved
- Pierre Vaquier, Chief Executive Officer of AXA Real Estate; Jean-Marc Besson, Chairman of Beacon
Capital Partners; Alain Taravella, Chairman and Founder of Altarea Cogedim; Bernard Mounier, Chief
Executive Officer of Bouygues Bâtiment Ile-de-France Rénovation Privée & Construction Privée;
Philippe Chaix, Chief Executive Officer of Epadesa - and political figures including Patrick Devedjian,
President of the Conseil Général for the Hauts-de-Seine region and Chairman of the Board of Directors
of Defacto, Jacques Kossowski, Deputy Mayor of Courbevoie and Vice-Chairman of the Board of
Directors of Epadesa, and Joëlle Ceccaldi-Raynaud, Deputy Mayor of Puteaux and Chairman of the
board of Epadesa.
During this exceptional evening, FIRST Tower was welcomed into the business district of La Défense with
a major opening event. Following a debate with the partners involved in this extensive redevelopment
project, a show was organised within the business district. The lights of the skyscrapers of La Défense
were turned off and then on again to mark the arrival of FIRST Tower. The emphasis was then placed
on FIRST Tower with a light show visible from the whole of Paris until midnight.
-
«FIRST Tower means turning part of the history of La Défense and the AXA Group into a
skyscraper dedicated to future generations,» states Pierre Vaquier.
-
«FIRST Tower is a benchmark of progress, economic efficiency, sustainable development and
the La Défense district,» comments Jean-Marc Besson.
-
«FIRST Tower in La Défense embodies the group’s expertise in complex redevelopment
projects with green standards,» explains Alain Taravella.
-
«FIRST Tower is concrete proof of what can be achieved together by people with a firm
conviction and passion in what they do, while still respecting each other,» concludes Bernard
Mounier.
FIRST Tower is a FIRST in a number of respects...
The first high-rise development project completed since the launch of the plan to modernise La
Défense in 2006 by the La Défense Seine Arche public planning authority (Etablissement Public
d’Aménagement). Developed by AXA Real Estate and Beacon Capital Partners with Altarea Cogedim
as delegated project manager and Bouygues Bâtiment Ile-de-France, a subsidiary of Bouygues
Construction, as construction company, FIRST Tower is a remarkable example of an ambitious and
innovative redevelopment project.
As the first major landmark on entering the La Défense district, FIRST Tower is the tallest office building
ever built in France at 231m high, with 80,000 sqm of office space on 52 floors.
It is the first new-generation skyscraper in La Défense. FIRST Tower, France’s largest office
development, has obtained «NF Bâtiments Tertiaires» HQE® environmental certification for commercial
buildings and attained THPE very high energy efficiency standards.
Its exceptional visibility gives it a unique appeal that will attract leading international companies, such
as Ernst & Young, which will take up 19 floors or over 38,000 sqm (almost 50% of the office space)
as of November. There is no doubt that the most impressive skyscraper in La Défense will be quick to
attract discerning companies looking for an exceptional working environment within the La Défense
business district.
After four years of work for a cost of over 300 million, the high-rise building has established itself as
the emblem of the new-look La Défense business district and the symbol of a new generation of office
buildings.
3
OPENING OF FIRST TOWER 5 may 2011
© Didier Cocatrix
FIRST TOWER, aN ExCEPTIONal EvENT
FOR ThE hIGh-RISE buIldING ThaT OvERCOmES all ChallENGES
4
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, FOREShadOWING ThE NEW lOOk
FOR la déFENSE
In 2006, EPAD - now called EPADESA - launched a plan to give the La Défense business district a new look
by 2016. The plan was based on:
-
renovating obsolete buildings in accordance with new standards for office buildings, with a minimum
increase in surface area of 150,000 sqm;
-
building 300,000 sqm of new office space and 100,000 sqm of housing for La Défense and controlled
development for Seine Arche, spanning all sectors;
-
adopting a sustainable development policy for both skyscrapers and residential buildings, including in
particular the creation of eco-districts;
-
promoting a real architectural ambition;
-
modernising and enhancing public transport;
-
improving quality of life by developing access and traffic, creating public squares and landscaped
areas.
As regards the last of these major aspects of the modernisation plan, the La Défense Seine Arche
public planning authority (Etablissement Public d’Aménagement), the body responsible for developing the
public areas of La Défense, remodelled the area around FIRST Tower by renovating the Place des Saisons
including new lighting, improved access via walkways from Aigle and Saint Germain, new paving and planted
areas. As a result of these improvements, residents, workers and students in the Les Saisons district now
benefit from a pleasant, modern and high quality public space.
FIRST Tower is the first high-rise development completed since the plan to modernise La Défense was
launched. Developed by AXA Real Estate and Beacon Capital Partners with Altarea Cogedim as delegated
project manager and Bouygues Bâtiment Ile-de-France, a subsidiary of Bouygues Construction, as
construction company, the building is a remarkable example of an ambitious and innovative redevelopment
project.
Located next to the Boulevard Circulaire ring road, facing Neuilly, FIRST Tower constitutes a major landmark
at the entrance to La Défense. The architects at international firms Kohn Pedersen Fox and SRA Architects
designed a slender and emblematic silhouette within the business district, with FIRST Tower inaugurating a
new generation of skyscrapers in La Défense.
The renovation works, costing over 300 million, took three years and involved 1,000 people at their peak.
FIRST Tower has a net floor area of 80,000 sqm on 52 floors - representing a 20% increase in surface area
relative to the original Tour AXA - and can accommodate up to 5,700 workers.
The structure as a whole has been reinforced and around 40,000 sqm of facades surrounding the building
have been developed, including 20,000 sqm of naturally ventilated double-skin facade.
FIRST Tower is France’s largest office development to have obtained «NF Bâtiments Tertiaires» HQE®
environmental certification for commercial buildings and has attained THPE very high energy efficiency
standards.
5
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, FOREShadOWING ThE NEW lOOk
FOR la déFENSE
FIRST Tower: redrawing the skyline of la défense
Along the banks of the River Seine, FIRST Tower is visible from the historic route way through Paris that links
the Louvre to the La Grande Arche in La Défense. Like no other building in La Défense before it, FIRST Tower
has redrawn the skyline of La Défense and constitutes a new landmark in the Paris skyline. FIRST Tower is
the tallest office building ever built in France at 231m high, with 87,000 sqm of office space.
Its exceptional visibility gives it a unique appeal that will attract leading international companies, such as Ernst
& Young, which will take up 19 floors or over 38,000 sqm as of November.
6
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: ThE GamblE TakEN
by FOuR PaRTNERS PayS OFF
Erected in 1974 on the basis of the designs of Pierre Dufau, Tour AXA needed to undergo complete
renovation in order to meet the new demands of its users. After one year of preparation and asbestos
removal followed by 36 months of work, the high-rise building has already established itself as the
emblem of the new-look business district and the symbol of a new generation of office buildings.
Having already worked together on creating Opus 12 in La Défense, AXA Real Estate initiated an indepth review of the future of Tour AXA in 2001 and appointed Cogedim to carry out the initial feasibility
studies.
The success of such a complex project is closely tied to the quality of the parties involved, their
conviction and their ability to work together, which will allow them to overcome the difficulties posed
by a project of this scale. Four partners worked together to bring this innovative project to life:
-
AXA Real Estate, the world’s second largest real estate fund and asset manager acting on
behalf of the original owner AXA Group, who initiated and developed the strategy of the project;
-
US investment fund Beacon Capital Partners, a responsible investor committed to the
development and restructuring of its assets, which co-developped the project with AXA Real
Estate;
-
Altarea Cogedim, a key player in the real estate sector involved in both retail property
investment and development, with expertise in complex redevelopment projects meeting high
environmental standards;
-
Bouygues Bâtiment Ile-de-France Rénovation Privée for its ability to meet the technical
challenges involved.
FIRST Tower, an exemplary and award-winning redevelopment project
Grand Prix National de l’Ingénierie in 2009
The Grand Prix National de l’Ingénierie was awarded to Altarea Cogedim for its role as delegated project
manager and to IOSIS for its engineering work on the FIRST Tower redevelopment project in La Défense.
The development was judged «remarkable in terms of the means of renovating an existing office block,
transforming it into a taller and more aesthetic building, as well as the ambitious target of obtaining HQE®
certification, aiming in particular for optimum reduction of energy consumption».
Pierre d’Or 2011
Mipim Awards 2011
During the 21st MIPIM awards, FIRST Tower received the 2011 MIPIM Award for the best «office building
renovation». This prize is awarded to ambitious and innovative redevelopment projects that allow for the
creation of an efficient, comfortable, environmentally-friendly and energy-efficient office building.
FIRST was elected Tower of Fiftieth anniversary of La Défense
7
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, ThE FIRST NEW-GENERaTION
SkySCRaPER IN la déFENSE dESIGNEd
by kPF aNd SRa
The building, designed by Pierre Dufau, initially consisted of three wings and was 162m high (40 aboveground floors). As part of this major redevelopment project, the height of FIRST Tower was raised to
231m through the addition of 10 floors topped with a 40m-high screen, making it the tallest skyscraper
in France. In accordance with the plans designed by Kohn Pedersen Fox and SRA Architects, one of
the wings was levelled, creating a gradation across 10 floors.
AXA Real Estate’s development expertise
FIRST Tower is a good example of AXA Real Estate’s capacity to manage high-end development projects,
factoring in sustainable development concerns related to the design and future end use of buildings. The
building has not only gained in height (from 170 m to 231 m), lettable office area (from 64,000 to 80,000
sq m) and number of possible workstations (from 3,500 to up to 5,700), but is now also one of the lowestconsuming high-rise office buildings in France.
Over the last 10 years, the development team at AXA Real Estate has successfully carried out more than
250 development projects on behalf of development funds and for its clients in six European countries,
representing a total value of around €8 billion.
AXA Real Estate’s dedicated Development team, composed of 27 engineers and architects, across six
European countries (Germany, Spain, France, Italy, Switzerland and the UK), provides its clients with a
variety of tailor-made development solutions across the whole range of property types and all stages
of the development cycle. Its development professionals create asset value through their combination
of architectural quality, creativity and innovation with strong investment and risk management expertise.
Recognising AXA Real Estate’s edge on design and quality, several large corporations have trusted its
expertise to lead the development of their corporate headquarters such as for example Areva, Aviva,
Clifford Chance, IBM, Philips, or Sanofi Aventis.
The team currently manages projects worth a total of over €4 billion.
8
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, ThE FIRST NEW-GENERaTION SkySCRaPER IN la déFENSE
dESIGNEd by kPF aNd SRa
FIRST Tower’s slender silhouette, helix-shaped structure, daring design and innovative volumes have
created a new urban landmark in the Paris skyline. Seen from the ground, FIRST Tower has remodelled
the public areas by establishing a strong relationship between the architecture, the esplanade and the
Boulevard Circulaire ring road.
a helix-shaped structure
The architects first of all gave FIRST Tower a helix-shaped structure to create the effect of shooting
upwards into the sky thanks to:
-
The addition of 10 extra floors, representing 50m, on one of the three wings - the Courbevoie
wing - increasing its height to 231m.
-
The gradation of 7 floors on the Puteaux wing and three floors on the Neuilly wing. Floor sizes
were extended by 1.50m on all sides, increasing floor space from 15m to 18m.
The increased height and extension of existing floor sizes will allow for the creation of an additional
7,000 sqm of floor space. FIRST Tower will have 50 floors and be able to accommodate up to 6,300
workers within its net floor area of 87,000 sqm.
© L’autre image
FIRST Tower: A 10-year involvement
for Altarea Cogedim
Altarea Cogedim’s involvement in this
project, alongside Axa Real Estate and
Beacon Capital Partners, has spanned more
than a decade – from the inception of the
feasibility studies in late 2000 until the safety
commission inspection on 15 February 2011,
project delivery on 28 February, the final sale
of shares among the investors on 14 March,
and the final HQE® certification on 3 May.
Altarea Cogedim participated in the project in
a broad variety of ways, including through 77
monitoring committees; public consultations
with neighbourhood associations; design
work in cooperation with Epadesa; the
city of Courbevoie and its «cityscape
workshop»; arranging the call for tenders
from architects; negotiating the contract with
the general contractor; relations with the
Paris fire brigade and safety commission;
arranging the HQE® procedure and obtaining
certification; and administrative, legal and
financial management of the project. FIRST
Tower is a testament to Altarea Cogedim’s
ability to develop and market innovative
projects».
9
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: a TEChNICal FEaT
The scale and highly technical nature of this redevelopment/construction project, combining increased
height with major structural modifications, makes it a pioneering project, raising the height of the
building by 69m - a world first. However, this is just one of the most spectacular aspects of the
development, which has drawn on the expertise of Bouygues Construction.
The building has undergone a variety of modifications in three main areas: the base structure, the
existing floors and the additional floors - three closely interdependent construction sites.
The building was partly levelled and one of the wings raised by 10 floors to achieve a rotating effect as
a visual symbol of its shooting up into the sky.
The existing floor sizes were extended by 1.50m on all sides in order to create an additional 7,000
sqm. The central core was emptied entirely and rebuilt in order to completely overhaul the building’s
vertical route ways.
A redevelopment/construction project of this kind has never been seen before on this scale. Works
were carried out on the building’s external framework, taking account of constraints relating to the
immediately neighbouring area.
© Laurent Blossier
In order to carry out works under optimum conditions in terms of safety and efficiency, the technical
team from Bouygues Bâtiment Ile-de-France Rénovation Privée worked on developing specific
methods and equipment and the development of a software package to ensure the delivery of new
materials and just-in-time evacuation of waste. A total of 40 trucks a day were used without disrupting
the heavy traffic on the Boulevard Circulaire.
10
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: ThE laRGEST hQE® CERTIFIEd
CONSTRuCTION PROjECT IN EuROPE
FIRST Tower, the tallest office building in France, has been awarded NF Bâtiments Tertiaires – Démarche
HQE® certification for commercial buildings. It embodies the growing attention paid to environmental
concerns in the industry.
All of the work carried out during the early stages of the project by Altarea Cogedim enabled FIRST
Tower to obtain a «highly efficient» score for six of the target categories in the HQE® environmental
certification score chart:
the relationship between the building and its immediate environment;
the low environmental impact of construction works;
energy efficiency;
maintenance and durability of the building’s environmental performance;
temperature control;
visual appeal.
A construction project with a limited impact on the environment
Bouygues Bâtiment Ile-de-France Rénovation Privée has implemented systems at FIRST Tower to ensure:
-
Recycling of site waste (sorting and recovery);
-
Reduction in the risks to people working on the site;
-
Management of the effects on the site’s urban environment.
© Laurent Blossier
The FIRST Tower construction site was particularly efficient with regard to the first point, with a target of
recycling 40% of waste compared with the HQE® certification «highly effective» requirement of 15%.
At FIRST Tower, around 80% of the original building’s concrete structure has been preserved, even
though the height of the building has been raised from 162m to 231m. This therefore represents a
very significant gain in terms of use of concrete compared with a new building. The building’s original
foundations have been preserved, cutting down on hundreds of truck rotations compared with a
conventional building site. These cumulative efforts have allowed for a reduction in grey energy use
and therefore cut FIRST Tower’s carbon footprint.
11
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, a COST-EFFECTIvE hIGh-RISE
buIldING
an effective external covering
The aim is to limit heat transfer inside the building’s office space in order to reduce the need for air
conditioning. The architecture therefore includes facades that have been adapted according to where
the sun hits them.
-
Double-skin facades exposed to the sun reduce air conditioning requirements by 50%;
-
Thermal break joints and high insulation facades reduce heating requirements by 80%;
-
Low-emissivity glazing;
-
Installation of generalised solar protection controlled by the technical building management
system;
-
FIRST Tower’s technical design and facilities allow for particularly low running costs of around
57 before tax per sqm of office space;
-
FIRST Tower is the first in a generation of more efficient skyscrapers with the aim of consuming
less and consuming better.
a multi-energy building to ensure better consumption
Multi-energy buildings allow for improved reaction to exceptional events such as breakdowns or
power cuts, and for management of fluctuations in energy costs in the future. The challenge of the
project was to drastically improve the building’s energy efficiency. The decision was made to capitalise
on this complimentarity thanks to:
-
Connection to urban heating and cooling supplies;
-
The building’s own heat generation through gas heating, reducing its requirement from the
urban heating supply;
-
Chilled air generation from heat pumps, reducing its requirement from the urban cooling supply
and therefore allowing it to benefit from a renewable energy source.
The combination of these systems has allowed for a reduction in final energy consumption of 80
kWh per sqm per year, i.e. five times less than the former Tour AXA, which was representative of
last-generation skyscrapers. In operation, the building’s heating, cooling, ventilation and lighting
requirements will therefore be significantly decreased, thereby limiting the user’s energy costs.
© Didier Cocatrix
In order to guarantee FIRST Tower’s longterm performance, maintenance works
are optimised and its performance will
be monitored effectively by a technical
building management system able to
handle 17,600 pieces of equipment
simultaneously. Monitoring of energy
and water consumption by a technical
building management system in particular will enable users to know the
exact breakdown of their consumption.
All of these technical decisions help to
facilitate maintenance and encourage
optimum use of floor space. The building’s technical facilities are centralised in the upper part of the tower and are fully integrated into the
architecture.
12
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, a COST-EFFECTIvE hIGh-RISE
buIldING
Well-being and multiple transport options
FIRST Tower’s strategic location in the heart of an exceptional transportation network guarantees
exceptional ease of access to the business district. In addition to exceptional public transport facilities,
access to the building has been revised.
FIRST Tower benefits from direct pedestrian access from the Esplanade metro station, with a drop-off
area, a private car park and a connection to a cycle path.
© Laurent Blossier
Its monumental reception hall is based on the principle of a Paris street with four types of stone and
windows allowing light to flow in.
13
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: a NEW kINd OF WORkING SPaCE
In addition to being an architectural feat, FIRST Tower gives a real boost to a company’s performance
and is a source of well-being for its users.
© Laurent Blossier
The innovative «double skin» system used for the facades receiving direct sunlight allow for solar gains
to be blocked while still using clear or low reflective glazing, and for large glazed areas to be kept. The
standard ceiling height of 2.75m, rising to 2.90m in the facades, allows for an exceptional amount of
daylight on all parts of the office floor, thereby reducing the need for artificial lighting. In order to ensure
optimum visual comfort, office floors are equipped with motorised blinds.
14
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: a NEW kINd OF WORkING SPaCE
The building’s internal architecture favours completely open spaces as well as the functionality of
communal areas. Spaces with unparalleled volumes have been created for the first time in La
Défense:
-
Seven sky lobbies (six of three floors and one with double ceiling height) providing meeting,
reception and exhibition space or an area for winter gardens;
-
Four exceptional spaces of 100 to 180 sqm across a number of floors allowing users to create
luxury spaces (consulting rooms, meeting rooms, dining rooms etc.) benefiting from exceptional
panoramic views;
-
Lastly, the 27th floor will benefit from a ceiling height of 5.30m, providing space for trading floors
or reception areas.
© Laurent Blossier
© L’autre image
All of the leisure facilities central to the life of a major company have been integrated into FIRST Tower,
including four different restaurant options (self-service, kiosks, brasserie, cafeteria), room service on
upper floors, auditorium, reception areas, fitness areas and archives.
15
OPENING OF FIRST TOWER 5 may 2011
FIRST, IN FIGuRES
87,000 sqm total total area
80,000 sqm net area
52 floors, 10 more than the original building (representing an additional 21,000 tonnes,
i.e. 3x the weight of the Eiffel Tower)
7,000 sqm of additional floor space
6,300 work stations
2,700 meals served per day
250 auditorium seats
28 latest-generation lifts
118 underground parking spaces + 23 garden-level parking spaces + 5 in outsides
40,000 sqm of glazing and facades
20,000 sqm of naturally ventilated double-skin facade
6,800 blinds managed automatically depending on the level of sunlight
300 million: cost of works
4 years of works
1,000 people working on the building site at its peak
40 articulated lorries per day during works
80% of the original building’s concrete structure has been preserved
18,000 m3 of concrete demolished
18,000 m3 of cast concrete
40% of waste recycled during the construction phase
16
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER, ThE kEy PlayERS
Planning
Epadesa: Etablissement Public d’Aménagement de La Défense Seine Arche
Owner on completion
SCI Vendome Assur, Group Beacon Capital Partners, LLC
Project manager
SCI Vendome Assur:
-
AXA Real Estate on behalf of the AXA Group
-
Group Beacon Capital Partners, LLC
delegated project manager
Altarea Cogedim
Construction
Bouygues Bâtiment Ile-de-France Rénovation Privée
architects
Kohn Pedersen Fox and SRA Architectes
Prime contractor
Coteba
Research
Iosis Bâtiment
Environmental consulting
Iosis Conseil
Technical control
Socotec
17
OPENING OF FIRST TOWER 5 may 2011
FIRST TOWER: ThE TImETablE
2001
AXA Real Estate initiates a feasibility study in order to identify the scenario that
would allow for optimised value of the property, with three possible scenarios:
-
Renovation
-
Major redevelopment
-
Demolition and rebuilding
2001-2004
After four years of analysis, AXA Real Estate opts for a major redevelopment
project
2003
Cogedim, in partnership with the city of Courbevoie and EPAD, launches an
international tender invitation for architects on behalf of AXA Real Estate, which
is won by KPF and SRA
2005
Application submitted for building permit
Cogedim launches a restricted tender invitation for the works contract
2006
Building permit obtained
Signature of a protocol agreement with Bouygues Bâtiment Ile-de-France
Rénovation Privée
2007
Signature of contract
2007
AXA Real Estate on behalf of the AXA Group decides to co-develop this project
(50/50) with a major US investment partner, Beacon Capital Partners.
2007-2011
Works including one year of full asbestos removal.
28 February 2011 FIRST Tower is handed over to Beacon Capital, which becomes sole owner.
18
OPENING OF FIRST TOWER 5 may 2011
PaRTNER PROFIlES
AXA Real Estate
20
BEACON CAPITAL PARTNERS
21
ALTAREA COGEDIM
23
BOUYGUES CONSTRUCTION
25
EPADESA
26
OPENING OF FIRST TOWER 5 may 2011
axa REal ESTaTE
Real Experts, Real People, Real Estate
AXA Real Estate Investment Managers (AXA Real Estate), a wholly-owned subsidiary of AXA
Investment Managers, is the world’s second largest real estate fund and asset manager, and the
largest in Europe* with over €39.9 billion of assets under management as at the end of December
2010. It has over 120 third party institutional clients spread across the world, in addition to managing
funds for 10 AXA insurance companies.
With 500 real estate people operating in 22 countries, AXA Real Estate’s competitive advantage stems
from its global fund management expertise combined with extensive on-the-ground deal sourcing,
asset management and development execution capabilities.
AXA Real Estate structures and actively manages or advises investment products, seeking wide
ranging opportunities along the risk spectrum to deliver targeted returns commensurate with clients’
risk profiles, through a variety of investment strategies. These range from core to opportunistic,
country-specific to geographically diversified, sector-specific to multi-sector, with the capacity to
invest at all levels of the capital structure.
Global growth remains a key priority and AXA Real Estate is currently expanding its presence in both
the US and Asia, most recently with the launch of its US platform in June 2010. AUM have grown from
17 billion 10 years ago to almost 40 billion today.
*Source : INREV Survey 2009 published in June 2010.
Visit our website: www.axa-realestate.com
AXA Investment Managers (AXA IM), is a multi-expert asset management company within the AXA
Group, a global leader in financial protection and wealth management. AXA IM is one of the largest
European-based asset managers with €516 billion in assets under management as of the end of
December 2010. AXA IM employs 2,500 people around the world and operates out of 23 countries.
Visit our website: www.axa-im.com
20
OPENING OF FIRST TOWER 5 may 2011
bEaCON CaPITal PaRTNERS
Beacon Capital Partners is a private real estate investment firm with a seasoned team ofprofessionals
and proven experience in generating value-added returns through investments in premier office properties
in the United States and Europe.
The company was formed in 1998 by the senior management team of Beacon Properties Corporation
following the sale of that company to Equity Office
Beacon traces its roots back over 60 years.
Since inception in 1998, Beacon has sponsored seven investment vehicles representing over $11.0 billion
of aggregate equity capital from investors around the world including endowments. foundations, foreign
governments, insurance companies and pension funds.
These funds have completed over 90 investments with a projected total cost of approximately $29.0
billion. The investments have included high-quality assets such as 1211 Avenue of the Americas in New
York, the world headquarters for News Corporation; Market Square in Washington, D.C.; First Tower in
Paris; the John Hancock Tower in Boston; and BP Plaza in Los Angeles. Since inception, Beacon has
completed nearly $140 billion of dispositions.
Beacon has a unique perspective for making value added investments in office assets gained from its
hands-on approach to developing, acquiring, and managing properties and its experience across multiple
real estate cycles. Beacon, whose 14-member senior management team has an average of over 20
years of real estate experience, has differentiated itself through its relationships, reputation, and speed of
execution.
The company is based in Boston and has offices in Los Angeles, New York, San Francisco, Seattle,
Washington, D.C., London, Luxembourg and Paris
Strategy: Target markets
Beacon employs a disciplined investment strategy that is focused on value-added investments in office
properties in target markets that exhibit the following characteristics
-
Knowledge-Based Economies: highly educated workforces and high concentrations of colleges,
universities and teaching hospitals
-
Constraints on New Supply: barriers to entry from regulatory constraints, land scarcity, or the
high cost of developing new inventory
-
Primary, Urban Markets Offering Scale and long-Term Liquidity: strong residential and other
24/7 characteristics, appealing to institutional buyers and producing low long-term pricing volatility
-
Strong long-Term Office Demand Fundamentals: broad, diverse economies with multiple
industries and attractive long-term prospects
Beacon’s target markets currently include Boston. Los Angeles. New York, San Francisco, Seattle.
Washington, D,C., London, and Paris
Strategy: key Investment Principles
-
High Quality, Unique Assets : unique assets tend to maintain their value better than commoditylike assets in difficult times and garner premiums in competitive times
-
Discount to Replacement Cost : acquiring assets at a high discount increases return potential in
supply-constrained markets
21
OPENING OF FIRST TOWER 5 may 2011
bEaCON CaPITal PaRTNERS
-
Opportunities for Adding Value
- Repositioning and strategic capital improvements to enhance or reinforce the property’s
desirability to tenants within the market
- Active leasing of vacant and rollover space to credit tenants at market-Ieading rental rates and
terms
- Operating improvements that reduce operating costs and increase energy efficiency
- Redevelopment and select development when appropriate given market conditions
- Transaction sourcing and structuring that build upon Beacon’s relationships and experience
deploying efficient legal, tax, and ownership structures
-
Prudent Financing: use of moderate leverage and rate-protected financing for the underwritten
holding period
Consideration of Exit: continuous reassessment of timing for Investment realization based on
asset performance, economic and local market conditions, and the strength of prospective buyer
demand.
Experienced Team
One of Beacon Capital Partners’ greatest strengths is the quality and experience of its team. Under the
leadership of CEO Alan Leventhal, a team of over 70 professionals implements the firm’s investment
strategy and actively manages the assets that are included in the Company’s investment portfolio.
Many of the Company’s employees have worked for Beacon Capital Partners and its predecessor
companies for more than 20 years and bring the experience and operating skills gained from
developing, acquiring. managing. leasing and financing real estate assets. This “in the trenches” real
estate experience coupled with the history of previous real estate cycles, provides Beacon with a
unique perspective from which to make judgments about real estate.
Senior management
(located in Boston unless otherwise noted}
Alan M. Leventhal, Chairman & Chief Executive Officer
Fred Seigel, President & Chief Operating Officer
Jean-Marc Besso, Senior Managing Director (Paris)
Jeremy B. Fletcher, Senior Managing Director (Los Angeles)
Paul Stanford Senior, Managlng Dlrector (London)
Philip J. Brannigan, Managing Director
Nancy J. Broderick, Managing Director
Jeffrey D. Brown, Managing Director(Los Angeles)
Michael Bruckner, Managing Director
Matthew Golden, Managing Director & General Counsel
Robert Healey, Managing Director
Jeffrey Kovach, Managing Director (Washington, D.C )
Andrew Moore, Managing Director
Kevin Whelan, Managing Director
22
OPENING OF FIRST TOWER 5 may 2011
alTaREa COGEdIm
about altarea Cogedim
Altarea Cogedim is a key player in the property sector. As both a retail property investment company
and a property developer, it is the only company to cover all three property markets - retail, residential
and office property - in which it combines all of its expertise to design, develop, market and manage
bespoke property products.
With the calculated risks of a long-term view, the Group aims to create value through the design and
realisation of its products, and has managed to seize the best property opportunities.
Initially specialising in the development of shopping centres, Altarea has developed into a property
investor and is currently the third-largest retail property investment company in France. In 2010,
the Group acquired Cap 3000, one of France’s largest shopping centres. In 2007, Altarea acquired
Cogedim and moved into the development of residential and office property. Since then, Cogedim
has become France’s fourth-largest property developer - and the largest in Paris and Lyon - and its
residential property sales have risen at twice the rate of the market. The Laennec site in the heart
of Paris is emblematic of Cogedim’s positioning as a leading residential brand. Altarea Cogedim
is currently present in the office market in services and development, and is renowned for its
environmental expertise, as demonstrated by FIRST Tower in La Défense, the largest HQE® certified
office development in France.
With a market capitalisation of 1.3 billion, Altarea Cogedim owns a portfolio of shopping centres worth
2.6 billion. With operations in France and Italy, Altarea is listed on Compartment A of NYSE Euronext
Paris.
about altarea Cogedim Entreprise
Altarea Cogedim Entreprise, the Group’s office property subsidiary, is a generalist commercial property
operator that operates in the Paris region and regional parts of France. It is a key player in complex
redevelopment projects meeting high environmental standards, such as FIRST Tower, which won the
Grand Prix National de l’Ingénierie in 2010, a Pierre d’Or in February 2011 and the 2011 Mipim Awards
in the Redevelopment category.
In 2011, Altarea Cogedim set up an office property investment vehicle with capital of 350 million, with
the aim of bringing in over 500 million, which is currently the largest investment vehicle dedicated to
commercial property in the Paris region. It will eventually have investment capacity of 1 billion. The
vehicle will acquire land or existing office properties to be repositioned in order to apply its expertise
in creating «core» assets of high quality and meeting high environmental standards, with the aim of
selling them on in the medium term.
Current office property projects in the Paris region:
-
Altarea Cogedim is building the future head office of Pomona SA at La Croix de Berny in Antony;
-
Altarea Cogedim is redeveloping the former site of the Laennec Hospital on Rue de Sèvres in
Paris on behalf of Allianz Vie. This exceptional development project comprises 17,000 sqm of
office space;
-
A preliminary sales agreement with Amundi Immobilier has been signed for Green One in Paris
in the Pajol ZAC planned development zone. This is the first office building in Paris to offer HQE®
certification;
-
In the heart of the Orly airport district, Altarea Cogedim in partnership with Foncière des Régions
and Aéroports de Paris is developing a new international eco-business district called «Cœur
d’Orly», with an initial tranche of around 160,000 sqm.
23
OPENING OF FIRST TOWER 5 may 2011
alTaREa COGEdIm
a progress-based approach: alTaGREEN
All of the Group’s activities reflect its strong and responsible sustainable development policy adopted
a number of years ago and set out formally in the Altagreen programme. Altarea Cogedim currently
has near 600,000 sqm of offices, retail property and hotels already completed or in progress that have
obtained environmental certifications. All of its projects under development aim to obtain HQE® and
BBC Effinergie® certification.
It is the only company to have obtained certification for all of its asset classes: NF Logement certification
for all of its residential property developments; 1st HQE® Commerce (retail) certification Okabe in
June 2009; 1stHQE® Hôtellerie (hotel) certification for SuiteNovotel in October 2009 and 1st HQE®
Exploitation (operations) certification for the Philips head office in Suresnes.
www.altarea-cogedim.com
24
OPENING OF FIRST TOWER 5 may 2011
bOuyGuES CONSTRuCTION
Bouygues Construction is a world player in building, public works, energy and
services. It is active on five continents and its know-how is recognised at every project
stage: financing, design, construction, operation and maintenance. Its staff develop
high-performance, innovative solutions for projects that improve life for everyone:
hospitals, stadiums, broadband networks, public lighting, transport infrastructure,
etc.
Bouygues Construction places social, societal and environmental issues at the heart
of its development strategy. Its aim is to become a leader in sustainable construction.
In both France and abroad, the Group builds large scale public works projects: the
port of Busan in South Korea, the port of Tangier in Morocco, the Gautrain railway in
South Africa, etc. – buildings: the First tower in La Défense, renovation of the Royal
Monceau and Shangri-La palace hotels in Paris, a hospital in Vancouver, Canada,
schools and social housing in the UK, etc. – electrical services: public lighting in
several French cities including Paris, Lille, Boulogne-Billancourt and Sèvres, as well as
several districts of London – and operation-maintenance contracts: the Home Office
in London, motorways A28 and A41 in France, etc.
With 54,000 staff throughout the world, Bouygues Construction generated a 2010
turnover of 9.2 billion.
Bouygues Bâtiment Ile-de-France, the Bouygues Construction subsidiary in the
greater Paris region, offers its recognised know-how in both new buildings and
renovation in four broad areas: public facilities, private tertiary sector buildings,
housing and industrial civil engineering. It develops overall skills for its clients through
the specialities of each of its operating units and subsidiaries. This organisation by
specialty enables the Company to achieve cutting-edge expertise to bring the right
answer to meet the needs of each of its clients.
Rénovation Privée is the renovation skills centre of Bouygues Bâtiment-Ile-de-France.
It views its know-how as a matter of re-reading history: re-reading architecture, a
need and a historical period, and then writing a new page of history. For more than
30 years, the men and women at Rénovation Privée have been writing a new chapter
in the history of buildings with varying architectures and uses. Whatever the desired
effect and whatever the project, Rénovation Privée has the expertise and the teams
to meet the need.
25
OPENING OF FIRST TOWER 5 may 2011
EPadESa
la défense Seine arche Public development authority
The EPADESA (La Défense Seine Arche Public Development Authority) is a public state institution
and a national interest operation. The perimeter of the 564-hectare national interest operation runs
through the towns of Courbevoie, La Garenne-Colombes, Nanterre and Puteaux, in the Hauts-deSeine department Laying, as it does, on the historical thoroughfare stretching from the Louvre to
the Château of Saint Germain en Laye, in the loop in the Seine between Neuilly and Nanterre, just 10
minutes from central Paris, the La Défense Seine Arche national interest operation holds five major
trump cards:
-
a business district topping the European league table;
an environmental management system;
strong development potential with nearly 200 hectares for development, plus major transport
investments that will provide links to the Greater Paris airports and rail terminals and to Le Havre
docks;
governance involving all the public stakeholders: central government, the Ile-de-France Region,
the Hauts-de-Seine General Council and the Courbevoie, La Garenne Colombes, Nanterre and
Puteaux town councils and responsibility for the business district’s management, operation and
organisation delegated to Defacto, a local public corporation that acts in consultation with the
residents and the businesses operating in La Défense.
In 2006, Nicolas Sarkozy, launched a nine-year development plan to give a new dimension to the
business district by focusing on:
-
the renovation of tower blocks upgraded to world-leading standards of sustainable development,
and in line with new standards for offices, with a minimum area increase of 150,000 sqm
the construction of 300,000 sqm of new offices and 100,000 sqm of housing units
the implementation of a sustainable development policy
the promotion of a truly architectural ambition
the modernisation of the public transport system
the improvement of the quality of life in the district with the creation of public spaces and
landscaped areas
In 2011, five new projects will be launched including the iconic Phare tower, rising at 300m height.
Leaving aside central government investment in public facilities and infrastructures, private players
are currently investing 4 billion euros, generating almost 8,000 jobs on building sites alone, in the
La Défense Seine Arche site to build and renovate tower blocks, office buildings and housing. And
there is no denying its power of attraction, as the EPADESA is being consulted every day about fresh
investments.
Key figures:
564 hectares
3,450,000 sqm office space
245,000 sqm commercial premises
950,000 sqm housing
2,950 businesses settled in
185,000 employees
25,000 residents
45,000 students
www.ladefense-seine-arche.fr
26
OPENING OF FIRST TOWER 5 may 2011
ThaNkS
The FIRST TOWER opening event was made possible by the participation
of the following companies and buildings:
AEW Europe - ALLIANZ - ALTAREA COGEDIM - ALTYS MULTISERVICE - ATALIAN - AXA - AXA Real
Estate - BEACON CAPITAL PARTNERS - BNP PARIBAS Real Estate - BOUYGUES CONSTRUCTION
DE FACTO - AREVA - EPADESA - FONCIERE DES REGIONS - GROUPAMA - GROUPAMA IMMOBILIER
ICADE - NEXITY - RTE France - GROUPE SOCIETE GENERALE - SPIE - TELMMA - TOTAL - UNIBAIL
RODAMCO
LA GRANDE ARCHE - TOUR ALICANTE - TOUR AREVA - TOUR ARIANE - TOUR ATHENA TOUR
CHASSAGNE - TOUR DESCARTES - TOUR DEXIA - TOUR GDF SUEZ - TOUR GRANITE - TOUR
NEPTUNE - TOUR INITIALE - TOUR OPUS 12 - TOUR PRISMA - TOUR CB 21 - TOUR TOTAL - TOUR
TOTAL MICHELET
27