In our earlier article, we introduced the Îlot Chirac — a rare and iconic cluster of buildings with unobstructed views of the Eiffel Tower — that sold for an impressive €170 million. Today, we take a closer look at the latest developments surrounding this extraordinary transaction and what it means for the future of luxury real estate in Paris.
An Unprecedented Sale, a Visionary Buyer
Located at the junction of quai Jacques Chirac, avenue de Suffren, and rue de Buenos Aires, the Îlot Chirac is composed of four Haussmannian buildings wrapped around a courtyard — an ensemble not traded on the market since its construction in 1911.
It has now been acquired by an investor group including Thomas Fabius, son of former French Foreign Minister Laurent Fabius, along with Éric Sitruk of Pierre Rénovation Tradition and private banking partners Swiss Life Banque Privée and Banque Cantonale de Genève.
Major Renovations Ahead
Though the transaction already turned heads for its price tag, what’s to come may be even more impressive. The buildings are set to undergo a full transformation, with renovation costs estimated between €5,000 and €9,000 per square meter. Currently, only a portion of the units are occupied, providing the new owners with a rare opportunity to completely reimagine the property.
The strategy reportedly involves converting the ensemble into high-end residences, potentially with hotel-style amenities — a format that continues to gain traction among international buyers in Paris.
A Signal to the Market
This acquisition affirms continued confidence in Paris’s ultra-prime market, particularly for heritage buildings with unmatched views and location. The deal values the property at approximately €17,000/m² in its current state, yet fully renovated units could far exceed this — especially with direct Eiffel Tower views that are nearly impossible to replicate.
Why This Matters
The Îlot Chirac sale is more than a headline—it’s a barometer of where the Paris property market is headed. Investors are willing to commit capital and vision to create luxury spaces that blend historic architecture with modern comfort, in neighborhoods that define Parisian prestige.
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