German insurance giant Allianz has bought a 49% stake in one of New York's largest new office buildings for €342 mln.
Allianz Real Estate is part of a consortium that acquired 30 Hudson Yards in a sale-and-leaseback transaction, along with Related Companies, a market leader in environmentally conscious real estate, and a third-party investor.
The 395-metre high, 240,000 m2 building is New York's second-tallest office building and has the city's highest outdoor observation deck. Allianz has acquired a condominium interest spanning 136,000 m2 across 26 of the 90 storeys.
The deal makes New York the fifth largest city in Allianz Real Estate's portfolio, following its acquisition of a 44% stake in 10 Hudson Yards in mid-2016 for €375 mln. Allianz's top four cities are Paris, Munich, Frankfurt and Berlin.
Christop Donner, CEO of Allianz Real Estate of America, said the transaction '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.'
“The US 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,' added François Trausch, CEO of Allianz Real Estate.
'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.'
