The real estate arm of German insurer Allianz Group has invested 鈧�342m for a 49% interest in the 30 Hudson Yards office complex in New York.
Allianz Real Estate 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 90-storey office complex.
Allianz Real Estate said it made the acquisition on behalf of several Allianz group insurance companies.
The latest acquisition follows the purchase of a 44% stake in 10 Hudson Yards, the first tower completed in the Hudson Yards development on Manhattan鈥檚 West Side, in mid-2016 for 鈧�375m.
The condominium in 30 Hudson Yards consists of 1.46m gross sqft across 26 floors. The 2.6m sqft tower is the second-tallest office building in New York.
Christoph Donner, CEO, Allianz Real Estate of America, said: 鈥�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.鈥�
Fran莽ois Trausch, CEO, Allianz Real Estate, said the US continues to play an active, central role in the company鈥檚 global diversification strategy, with focus on tier 1 cities such as New York, Boston and San Francisco.
鈥�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 US equity portfolio on behalf of Allianz group insurance companies,鈥� Fran莽ois said, adding that Allianz will continue to seek out additional opportunities.
In 2018, Allianz Real Estate deployed $728m in new equity transactions in the US. At year-end, US assets under management totalled $18bn, including both equity and debt.
