PARIS (March 30, 2012)—Michelin has sold its Paris headquarters office to CovÃ&Copy;a Mutal Insurance Group Co. for about $147 million.
The move follows the company's decision last year to consolidate its Paris-based personnel at offices in Boulogne-Billancourt, a western Paris district just outside the Peripherique beltway that rings central Paris.
Michelin did not say how long it has occupied the avenue Breteuil office, which is a short walk from the Eiffel Tower, or how many personnel are based at the Paris offices.
Michelin said it expects to realize a capital gain of about $133 million on the sale. The gain will be recognized as a non-recurring income in the first half financial statements.
Michelin signed a nine-year lease on a 78,550-sq.-ft. office building in Boulogne-Billancourt in May 2011, according to the building's real estate agent.
Michelin's world headquarters are in Clermont-Ferrand, in south-central France near Lyon.