The real estate arm of German insurance giant Allianz picked up a 49 percent stake in a Miami office complex owned by financial services conglomerate TIAA-CREF for $183.5 million, the firms said Wednesday.
The New York-based firm, which manages about $59 billion in assets under its real estate arm, will continue to operate the six class A office properties and two land parcels in Miami’s Waterford at Blue Lagoon office complex. The 1.4 million square feet of offices, plus about 25 acres of land, are located four miles from Miami International Airport. The capital for this latest deal comes out of Allianz’s general account, the firm said.
TIAA-CREF has also planned a new office within the complex, adding a 10-story building that will be completed in 2017. The other buildings were constructed between 1989 and 2007, and have been refurbished. TIAA-CREF has owned the properties and land for about 20 years.
The two firms have partnered on deals before. Allianz, which manages about €37.4 billion ($40.2 billion) in its real estate division, bought a 49 percent stake in TIAA-CREF’s Four Oaks Place in 2012 for $200 million. The firms continue to own the 1.7 million square foot office complex in the Houston suburbs.
Last December, Allianz announced a joint venture with Manulife Asset Management Private Markets, the private asset management arm of Toronto-based financial services company Manulife. Under the partnership, the firms plan to invest up to $1 billion in US real estate. Allianz started this push by purchasing an 80 percent stake in two class A offices in New York and Chicago that Manulife owned through its US property business.