Joseph Sitt‘s Thor Equities has purchased the home of Le Queen, one of Paris’s most renowned nightclubs, at 102 Avenue des Champs-Elysées. The Financial Times reports Thor paid $76 million. The 7, 400 sq ft building also includes retail and office space.
Le Queen is where DJ David Guetta got his start in the 1990s, when it was still called Le Central.
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Thor CEO Joseph Sitt said: “My investment philosophy is like Warren Buffett’s: when everyone else is running out of the room, we run in.”
He added: “We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations.”
Last year, Thor bought a building on Boulevard Hausmann, where Benetton has store. It also owns a second building on the Champs-Elysées, where Tommy Hilfiger and Nike are the tenants.
Sitt suggested his Champs-Elysées acquisition have been “at the center of one of the most desirable locations in the world.”
The club ownership will stay the same, but Sitt said the status of the nightclub remained “to be determined.”
It is estimated that Thor has invested as much as $4 billion in real estate outside mainland USA, including Europe and North and South America.