Paragon adds to its portfolio in Meyrin
After having purchased Bacardi’s former European HQ in 2017, Paragon acquired in 2018 another property just down the street. The new acquisition includes a 2’400 sqm mixed use industrial and storage building on a land parcel measuring more than 4’000 sqm.
The building is fully rented by more than a dozen small and medium sized tenants. Roberto SA, a company that produces fresh pasta, is the current anchor tenant but is expected to be sold within the next couple of years offering Paragon the opportunity to redevelop the site. A new development could possibly benefit from potential synergies with other projects in the neighborhood.
Paragon is strengthening its presence in the area as new zoning is expected to be made public in March 2019. The commune of Meyrin has an objective of densification of the area. They want to see more office spaces, retail and leisure activities in the midst of this industrial zone.
Our property, located at the heart of the master plan and surrounded by major companies, will become more and more strategic. For example, our neighbour is currently building a 30,000 square meter building across the street targeted at the watchmaking industry and is already fully leased.
