The hostages have now been freed and the suspect arrested, the French interior minister announced. The incident is not believed to be terror-related.
Paris police have not revealed how many people were taken hostage.
There were two people taken hostage, according to initial reports. The information could not be officially confirmed.
The hostage-taker reportedly entered the building in Rue des Petites Ecuries, pretending to be a food-delivery courier, at around 4pm local time.
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An armed police officer and a sniffer dog search the area.
Iran's semi-official ISNA news agency reported that a spokesman for Iran's Foreign Ministry, Bahram Ghasemi, said the Iranian Embassy in Paris stood ready to help "considering the importance of people's lives and human aspects of the issue". However, his motivation for such an encounter was unknown.
At least one other man was lightly injured while fighting with the hostage-taker and escaping before police arrived on the scene. Police swept vehicles in the area with a device but found nothing, he said.
Police initially said the hostage scene was unfolding in an office in the building, but soon stopped communicating details to journalists.