A building on the Champs-Elysees changed hands for more than 600 million euros ($600 million), a record for a commercial real estate transaction on the landmark Parisian avenue.

Groupama Immobilier sold the building, located 150 meters from the Arc de Triomphe, to a new fund, Cheval Paris, the French group said in a statement. The price tops the previous record of 613 million euros paid for a building on the famous street, said Eric Donnet, the head of Groupama Immobilier. He declined to give the exact sale price.

The structure, at 150 avenue des Champs-Elysees, was bought in 2009 by Groupama Immobilier, and the company recorded a net gain of more than 400 million euros on the transaction, according to Donnet. The building’s facade, more than 60 meters in length, is one of the longest on the street, the company said.

The Cheval Paris fund, managed by Mimco Asset Management, has Canadian fund Brookfield as a major backer and will invest a total of around 800 million euros in the project, including the renovation work, according to Le Figaro.

© 2022 Bloomberg L.P.

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