Global law firm White & Case LLP has advised Mark III Holdings BV (MARK), a subsidiary of MARK Capital Management (formerly known as Meyer Bergman), on the sale of Pershing Hall, a flagship mixed-use development in Paris' Golden Triangle, to Allianz Vie.
MARK acquired Pershing Hall in 2018 and invested over €20m on modernising and repurposing the building, successfully transforming the former five-star hotel into a high-end office, retail and food and beverage destination.
As part of the transaction, the ownership of Pershing Hall, held through a long-term lease with the United States, was transferred, together with the shares of Mark PH SAS, the parent company of Pershing Hall SAS which will retain the long-term lease, to Allianz Vie, the life insurance company of the Allianz France group. MARK Capital Management's role as asset manager has also been transferred to Allianz Real Estate, one of the world´s largest real estate investment managers, which will manage it on behalf of Allianz Vie.
MARK Capital Management is a privately held real estate investment management firm with more than €7 billion in assets under management.
The White & Case team in Paris which advised on the transaction was led by partners Brice Engel and Franck De Vita and included associates Caroline Riesco, Anne-Liz Salapian and Anne Sauvebois-Brunel.
For more information please speak to your local media contact.