The global insurance company Allianz has acquired a 45 percent interest in Park Place capturing a rare opportunity to own a portion of one of the best performing mixed-use office campuses in Southern California.
Allianz Real Estate of America executed the transaction on behalf of its Allianz Group Investors. Allianz joins LBA Realty and Principal Real Estate Investors in a Joint Venture. Financial terms of the deal were not disclosed.
Park Place is a premier mixed-use asset totaling 250,000 square meters (approximately 2.7 million square feet) of office and retail property. It offers its high quality tenant base in a setting with immediate access to a diverse array of onsite restaurants, retail and residential amenities, as well as a new boutique hotel. Allianz has acquired a stake in the six assets that make up the office campus, the 3121 and 3333 Michelson office towers, and the retail center. In total, the Allianz investment spans 11 buildings encompassing approximately 204,000 square meters (2.2 million square feet).
"This transaction represents the first direct investment by Allianz Real Estate in California" said Christoph Donner, CEO of Allianz Real Estate of America. "We are delighted that this development underscores our commitment to investing in sustainable properties alongside the best owners and operators in their respective markets and asset classes." Park Place has achieved LEED Gold EB status for its commitment to environmental sustainability.
Over the past six years, the property has been completely redeveloped including a significant reduction in the carbon footprint through various energy efficiencies, water conservation and recycling programs, creating a major sustainable environment. The comprehensive architectural and landscape theme that carries throughout the 105-acre master plan provides a distinguished backdrop for tenants and residents.
The property is over 90% leased to global corporate headquarters, technology, creative, and financial service companies.