Allianz Secures Stake in Park Place Mixed-Use Campus
- Oct 18, 2016
By Alex Girda
Irvine, Calif.—Allianz Group now owns a 45 percent stake in one of Orange County’s most high-profile office assets. The company acquired an interest in the Park Place office campus through local subsidiary Allianz Real Estate of America. Following the deal, Allianz joins LBA Realty and Principal Real Estate Investors in a joint venture.
The Park Place mixed-use asset offers a total of 2.7 million square feet of office and retail space. Allianz’s stake concerns six assets that make up the office campus, the two towers located at 3121 and 3333 Michelson Drive, as well as the retail center. According to an official statement, Allianz’s investment spans 11 buildings with 2.2 million square feet. Park Place currently operates at roughly 90 percent occupancy, with its tenant roster made up out of technology, creative and financial service companies.
Over the past few years, the asset has pivoted and been extensively redeveloped to achieve a significantly reduced carbon footprint. The change has been instrumental in creating a new architectural and landscape environment. As a result, Park Place is now LEED Gold EB certified by the U.S. Green Building Council.
According to LBA Realty Managing Principal Phil Belling, the company’s previous work with Allianz informed the current move. “Park Place is one of the most recognized locations in Southern California. Allianz is one of the world’s most respected real estate investors and its commitment is a credit to the unique mixed-use environment we have created at Park Place,” Belling also said.
Image courtesy of Yardi Matrix