Allianz acquires EUR 342m stake in New York’s iconic 30 Hudson Yards office building

Munich, New York, 06/17/2019

Allianz has invested EUR 342 million for a 49% interest in an office condominium in New York’s iconic 30 Hudson Yards office building. Allianz has entered into a sale-leaseback agreement as part of a consortium alongside Related Companies and a third-party investor, who have acquired the remainder of the office condominium.

The acquisition, which has been completed by Allianz Real Estate on behalf of several Allianz group insurance companies, follows the purchase of a 44% stake in 10 Hudson Yards, the first tower completed in the Hudson Yards development on Manhattan’s West Side, in mid-2016 for EUR 375 million (USD 420 million). The 30 Hudson Yards transaction will make New York the fifth most significant city for Allianz Real Estate, globally, in terms of total exposure.

30 Hudson Yards

The condominium in 30 Hudson Yards consists of 1,463,234 gross square feet across 26 floors. The 2.6 million square foot tower is the second-tallest office building in New York and home to the highest outdoor observation deck in the city. The 90-storey, LEED CS Gold-certified building stands 1,296 feet tall and features river-to-river panoramic views, outdoor terraces, a triple-height lobby with a dramatic art installation by Jaume Plensa, direct access to restaurants and retailers, and a concourse connection to the new No. 7 Subway station.

The acquisition of the condominium interest in 30 Hudson Yards is the latest high-quality purchase by Allianz in the US in cooperation with best-in-class partners. In 2018, Allianz Real Estate deployed USD 728 million in new equity transactions in the US, including the historic Ferry Building in San Francisco, 53 State Street in Boston and the Terminal Stores in New York City. At year-end, US assets under management totalled a record EUR 16.5 billion, including both equity and debt.

“We are delighted to announce this latest transaction in our key New York market, a deal that 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. 30 Hudson Yards is a highly attractive investment opportunity on a long-term view, underpinned by a prime tenant and the very highest environmental and technical standards,” said Christoph Donner, CEO, Allianz Real Estate of America.

“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. 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,” said François Trausch, CEO, Allianz Real Estate. “We will continue to seek out additional opportunities.”

Press Contact:

When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.

"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road​, Shanghai Tower, Pudong New District ​, Shanghai 200120​, People’s Republic of China​), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.

PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.