The real estate arm of German insurer Allianz Group has invested €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’s West Side, in mid-2016 for €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: “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.”

François Trausch, CEO, Allianz Real Estate, said the US continues to play an active, central role in the company’s global diversification strategy, with focus 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 US equity portfolio on behalf of Allianz group insurance companies,” François 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.