As the name suggests, this is the place where the popular 20th-century Spanish artist created some of his best-known pieces (e.g. Guernica). He lived here since 1936 to1955. Picasso was not the only popular persona whose life is connected with the building. Another one is Honoré de Balzac, a popular 19th-century French writer.
More info (French) http://www.evous.fr/L-atelier-de-Picasso-rue-des-Grands-Augustins,1175730.html
Address Rue des Grands Augustins 7, 75006 París
Coordinates 48°51'16.89" N 2°20'27.947" E