Allianz buys 49% stake in New York’s iconic office building for $384m

Allianz invest $384million for 49% stake acquisition in New York's iconic office building

Allianz has closed another stake acquisition in Hudson Yards, New York’s $25 billion mixed-use development, according to the press release on Friday.

Following the purchasing of 44 percent stake in 10 Hudson Yards for $420 million in 2016, Allianz has acquired a 49 percent stake in an office condominium in 30 Hudson Yards, the second-tallest office building in New York for $384 million.

The condominium in 30 Hudson Yards consists of 1,463,234 gross square feet across 26 floors.

Allianz has entered into a sale-leaseback agreement as part of a consortium alongside Related Companies and a third-party investor, who have acquired the remainder of the office condominium.

The acquisition has been completed by Allianz Real Estate on behalf of several Allianz group insurance companies.

“We are delighted to announce this latest transaction in our key New York market, a deal that highlights our focus on prime assets and our commitment to working with exceptional partners such as Related, a market leader in environmentally conscious real estate development and operations. 30 Hudson Yards is a highly attractive investment opportunity on a long-term view, underpinned by a prime tenant and the very highest environmental and technical standards,” said Christoph Donner, CEO, Allianz Real Estate of America.

“The U.S. continues to play an active, central role in our global diversification strategy, with our focus firmly on tier 1 cities such as New York, Boston and San Francisco. 30 Hudson Yards is a landmark asset in a city of iconic buildings, and we are truly delighted to seize this chance to further grow our U.S. equity portfolio on behalf of Allianz group insurances companies,” said François Trausch, CEO, Allianz Real Estate.