Gecina Signs Two Long-Term Office Leases Covering 29,000 Sq. M. in Paris La Défense

Gecina has signed two long-term office leases covering a combined 29,000 square meters (about 312,153 square feet) at its Paris La Défense assets, the company announced Oct. 12. The transactions bring both buildings involved to 100% occupancy.

Gecina Leases All of Building B to Nuclear Energy Company

Gecina signed an 11.5-year firm lease with an international leader in nuclear energy for 100% of Building B, a 21,000-square-meter (about 226,042 square feet) office building adjacent to the T1 Tower, now known as Shape. The lease takes effect in mid-2028.

The company said the tenant selected the asset for its large, bright and modular floorplates, which are easy to fit out and adapt to new ways of working. The tenant also cited the building's energy performance, which Gecina said is already aligned with the 2040 target under the Tertiary Decree.

Current Building B Occupier Relocates to Adamas

Alongside the Building B lease, Gecina signed an 11-year firm lease with the building's current occupier, a security technology company. That tenant will relocate to the adjacent Adamas building, which totals 8,000 square meters (about 86,111 square feet). The transaction brings Adamas to full occupancy.

Gecina said the arrangement illustrates its ability to leverage the scale and diversity of its portfolio and offer tailored solutions as tenants' needs evolve. The structure pairs a new, larger commitment in Building B with the incumbent tenant's retention elsewhere in the portfolio, and gives Gecina a lead time of roughly two years before the Building B lease begins.

Marie Caniac Comments on Active Asset Management

Marie Caniac, Deputy CEO in charge of the Office Division at Gecina, said: "We are pleased to welcome two leaders in their respective markets to our Paris La Défense assets through these two new leases. This reflects our active asset management in action: converting our precise understanding of our tenants' needs into tailor-made solutions that secure long-term full occupancy across the portfolio in operation in this area."

Paris La Défense Office Market Context

Gecina said the two transactions confirm the attractiveness of Paris La Défense, where take-up rose 25% over the first nine months of 2026 compared with the same period of 2025. The company described the submarket as a dynamic, mixed-use district with the largest public transport hub outside Central Paris. It said one-third of the Paris Region's population will live within 30 minutes of Paris La Défense by 2031.

Broker data show La Défense outperforming much of the broader Île-de-France market, though vacancy remains elevated. JLL reported that La Défense take-up increased 52% year over year in the first half of 2026 and stood 14% above its five-year average. Prime rents were approximately €560 per square meter per year, up 2% from a year earlier. Cushman & Wakefield reported about 904,175 square meters of take-up, 536,000 square meters of immediate supply, a 15.5% vacancy rate and prime rents of €615 per square meter per year in its 2026 review of the submarket. Cushman & Wakefield also noted about 170,000 square meters of new or restructured space deliverable within a year, with "Prime+" supply concentrated in projects scheduled for delivery from 2027 to 2030.

Regional conditions are softer. BNP Paribas Real Estate reported that Île-de-France office take-up fell 5% year over year in the first half of 2026 to about 750,000 square meters, while availability within one year reached 8.2 million square meters, up 12% over 12 months. JLL put the region's vacancy rate at 11.8% at the end of the second quarter, versus 9.7% a year earlier, compared with 13.4% in La Défense.

Gecina Occupancy and Portfolio Outlook

Gecina's average occupancy was 93.8% at June 30, 2026, broadly stable from 94.0% a year earlier. The two La Défense leases provide long contractual visibility and move two assets to full occupancy, reducing near-term rollover and vacancy risk in the submarket. Gecina's 2026 presentation described La Défense as a market with high demand and constrained supply for the high-quality segment, citing a vacancy range of roughly 5% to 7% for that segment. That figure is not directly comparable with the broader broker vacancy measures, which cover a wider range of existing stock.

The transaction does not expand Gecina's occupied area by 29,000 square meters. It is a coordinated move involving an existing tenant and a new tenant. Taken together with the broker data, it reflects a market in which demand is concentrated in well-located, adaptable buildings with strong energy performance, while older or less accessible stock faces greater leasing pressure.

Sources

• Gecina press release: Two major long-term leases for Gecina's portfolio in La Défense