Allianz Buys Into NYC Skyscraper for $384M
- Jun 18, 2019
German insurance firm Allianz has paid $384 million for a 49 percent stake in an office condo in 30 Hudson Yards, the second-tallest office skyscraper in New York City. Allianz invested in the 1,463,234-square-foot asset alongside Hudson Yards developer Related Cos. and a third-party investor in a sale-leaseback agreement.
The investment marks the company’s second acquisition within the sprawling Hudson Yards development on Manhattan’s West Side, after the insurer bought up a 44 percent stake in 10 Hudson Yards for $420 million in mid-2016. At the end of last year, Allianz Real Estate had roughly $18 billion of assets under management in the U.S.
New tower open for business
Rising 1,296 feet, 30 Hudson Yards officially opened in March, along with the first phase of the 28-acre Hudson Yards neighborhood developed by Related Cos. and Oxford Properties. The $16 billion project is the largest private real estate development in U.S. history.
The 2.6 million-square foot skyscraper, which features the highest outdoor observation deck in the Western Hemisphere, also provides office space for Kohlberg, Kravis & Roberts and Wells Fargo Securities and will host an estimated 10,000 employees. Located at 500 W. 33rd St., the building is connected to the new station of the No. 7 Subway extension.
WarnerMedia became a partner in the development of 30 Hudson Yards in 2014. Last April, Related Cos. announced that affiliates of the company had entered into an agreement with the media conglomerate to purchase its 1.5 million square feet of office condo space for $2.2 billion. However, the 26-story office condominium within the 90-story, LEED Gold-certified tower will serve as the global headquarters of WarnerMedia through early 2034.