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March 30, 2012 02:00 AM

Michelin sells Paris headquarters for $147M

Tire Business Staff
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    PARIS (March 30, 2012) — Group Michelin has sold its Paris headquarters office, in the seventh arrondisement, to Covéa Mutal Insurance Group Co. for about $147 million.

    The move follows the company's decision last year to consolidate its Paris-based personnel at offices in Boulogne-Billancourt, a western Paris district just outside the Peripherique beltway that rings central Paris.

    Michelin did not say how long it has occupied the avenue Breteuil office, which is a short walk from the Eiffel Tower, or how many personnel are based at the Paris offices.

    Michelin said it expects to realize a capital gain of about $133 million on the sale. The gain will be recognized as a non-recurring income in the first half financial statements.

    Michelin signed a nine-year lease on a 78,550-sq.-ft. office building in Boulogne-Billancourt in May 2011, according to the building's real estate agent.

    Michelin's world headquarters are in Clermont-Ferrand, in south-central France near Lyon.

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      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
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      • RUSSIA WAR IN UKRAINE
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    • Custom
      • SPONSORED CONTENT
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    • Resources
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
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        • TPMS
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        • Best Places to Work
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