UK serviced office operator Executive Office Group has made its first move into continental Europe.

The group, which is owned by Morgan Stanley Real Estate Funds, has bought a 18,570 sq ft (1,725 sq m) period building on rue Beujon near Champs Elysees. Executive Office, which did not disclose the price of the purchase, said it would spend E5m (£3.4m) refurbishing the buildings as part of its Argyll brand concept.

Peter Allport, chief executive at Executive Offices Group, announcing the deal at MIPIM, said ‘Rue Beaujon constitutes our entry into the international serviced office market, with the first overseas location for our Argyll portfolio.’