Los Angeles-based Kaufman & Broad Home Corp., which received approval to build a large commercial development in Paris from French officials earlier this year, has sold the project to a Japanese company for $372 million.
The 770,000-square-foot office and commercial complex, to be built on a 15-acre parcel in downtown Paris, was sold to Tokyo-based Kowa Real Estate Co. Ltd. Preliminary development of the complex, known as Atlantique Montparnasse, began last August.
Plans call for the construction of two nine-story buildings on a platform over the train tracks at the Montparnasse train depot. Kaufman & Broad's financial partner in the project is Groupement Foncier Francais.
Kaufman & Broad is one of the largest home builders in the United States and the third-largest in France. The sale to the Japanese firm was arranged by its recently formed commercial development division.
Kaufman & Broad now has 1.6 million square feet of office buildings under construction.