Gecina Signs 10,300-Square-Meter Lease for All of 16 Capucines in Paris CBD

Paris-based real estate investment trust Gecina has signed a lease for 10,300 square meters, or about 110,872 square feet, covering the entire 16 Capucines office building in the Paris central business district, the company announced Oct. 28. The tenant, described by Gecina as a global leader in tech and data infrastructure security, has committed to a nine-year firm term.

The lease takes effect in mid-April 2027 at prime rents. The building is located at 16 boulevard des Capucines in Paris. Gecina said the transaction confirms that tech, data and AI occupiers are choosing the best assets in the most central areas.

Gecina Lease Terms at 16 Capucines

The tenant has taken the whole building on a nine-year firm term. Gecina said the building's services and outdoor spaces are designed to help attract and retain top talent. The tenant was not named in the announcement.

The nine-year firm term is longer than the average six-year maturity of the office leases Gecina signed during the first nine months of 2026.

Gecina Head Office Relocation to Signature

16 Capucines currently houses Gecina's head office. As part of the transaction, the company will move to the Signature building in the Saint-Lazare area, where its teams will share an entire floor with top-tier clients already established there. Gecina said the arrangement opens up new ways of collaborating. The company said the Signature asset is now 60% prelet.

Tech, Data and AI Demand in Paris

Gecina said few large, best-in-class buildings can meet the requirements of the most demanding occupiers, and that the transaction shows tech, data and AI companies are selecting prime buildings with the scale to support rapid growth. The company said Paris remains Continental Europe's leading hub for tech, data and AI, citing its talent pool, its ecosystem of start-ups and large players, and the depth of capital to finance them. Tech, data and AI customers now represent close to 19% of Gecina's Group office rents, the company said.

Marie Caniac, Deputy CEO in charge of the Office Division at Gecina, said: "We are proud to welcome this new tech and data leader at 16 Capucines. This choice confirms that premium quality and a central location win the race for talent. With best-in-class assets in every key submarket, Gecina is uniquely positioned when top-tier occupiers make their choice."

The lease comes as technology accounted for 22% of European office leasing activity in the second quarter of 2026, up from 14%, driven by expanding artificial-intelligence companies and renewed activity from established technology firms.

Paris Office Market Context

The Paris office market is showing a split between prime and broader availability. Vacancy in the Paris CBD reached 6.8% in the first half of 2026, the highest level reported since 2009, while prime CBD vacancy across European CBD markets is estimated at roughly 2%. In Greater Paris, availability has risen to 6.332 million square meters, with a regional vacancy rate of 10.8%.

Prime rents in the Paris CBD remain among the highest in Europe. Prime rent was approximately 1,250 euros per square meter per year in the first half of 2026, up from 1,230 euros in 2025. Prime CBD rents were also put at 1,250 euros per square meter per year in the first quarter, with ultra-prime transactions expected to push the figure above 1,300 euros by year-end. Applying the 1,250 euro benchmark to 10,300 square meters implies roughly 12.9 million euros of annual headline rent, although the actual economics of the 16 Capucines lease cannot be determined from that benchmark.

Gecina Leasing Performance and Portfolio

Gecina reported 140,000 square meters of office leases signed in the first nine months of 2026 across approximately 80 tenants, including 92,000 square meters in the third quarter alone. Those leases secured approximately 91 million euros of annual rent at an average maturity of six years. Average occupancy was 94.0%, while occupancy in its central-office portfolio in Paris and Neuilly reached 97.4%.

At June 30, 2026, Gecina reported overall occupancy of 93.8% and 48,000 square meters of space let or renewed during the first half, with an average rental uplift of 13%. Its portfolio was valued at 17.4 billion euros at that date and includes 1.2 million square meters of office space and nearly 5,000 residential units. Gecina is a French real estate investment trust listed on Euronext Paris and is part of the SBF 120 and CAC Mid 60 indices.

Outlook

The 16 Capucines lease provides Gecina with long-term income on a single-tenant, whole-building basis, and the move to Signature places the company in another central asset. Against a backdrop of rising vacancy across the wider Paris market, the transaction points to continued demand for large, centrally located, high-quality buildings among technology and data-oriented occupiers.

Sources

Gecina press release, "16 Capucines leased to the global leader in tech and data infrastructure security," Oct. 28, 2026: https://press.gecina.fr/news/16-capucines-leased-to-the-global-leader-in-tech-and-data-infrastructure-security-0e3bc-343e9-1.html