Allianz Real Estate has made its Californian direct real estate debut.

The global insurance company took a 45% stake in Park Place, a mixed-use asset in Southern California, paying an undisclosed price.

Allianz joins LBA Realty and Principal Real Estate Investors in a joint venture.

Christoph Donner, chief executive at Allianz Real Estate of America, said the development underscored the company’s commitment to investing in sustainable properties alongside the “best owners and operators in their respective markets and asset classes”.

The 250,000sqm asset is 90% leased.

Allianz has taken a stake in the six assets that make up the office campus, the 3121 and 3333 Michelson office towers, and the scheme’s retail centre.

The property has been redeveloped, including a significant reduction in the carbon footprint. 

Allianz recently paid $420m (€381m) for a 44% stake in a Manhattan office tower, putting Allianz in partnership with Related Companies, Oxford Properties Group and institutional investors advised by JP Morgan Asset Management.