Allianz Real Estate has acquired a 25% stake in the 1301 Avenue of the Americas office building in New York City. The investment volume amounts to $110mln (EUR76 mln). Allianz acquired the stake in this 45-storey building through a partnership with Paramount Group, New York's leading international real estate investment and management firm.
Allianz Real Estate has acquired a 25% stake in the 1301 Avenue of the Americas office building in New York City. The investment volume amounts to $110mln (EUR76 mln). Allianz acquired the stake in this 45-storey building through a partnership with Paramount Group, New York's leading international real estate investment and management firm.
'With this investment we are continuing the diversification of our real estate portfolio on a global basis,' said Ronald Weidner, chief investment officer of Allianz Real Estate. 'With the acquisition of 1301 Avenue of the Americas, we followed our strategy and have invested in one of the world’s most attractive markets.'
Built in 1963 and refurbished in 1989, the 167,000 m2 property is located in the heart of Midtown Manhattan, directly opposite the Rockefeller Center. Main tenants of the fully leased building are Dewey & Le Boeuf, Calyon, Lehman Brothers and Dresdner Kleinwort.
