Allianz Real Estate of America has purchased a 50 percent stake in a New York office building in a transaction valuing the property at $365 million.
The real estate arm of German insurance firm Allianz bought into southern Manhattan’s One Battery Park Plaza, a property owned by local developer Rudin Organization, which constructed the 35-story building in 1970 with Rose Associates, another family-run New York real estate firm. In January 2012, Rudin bought Rose’s 50 percent stake in a deal valuing the building at $210 million, according to real estate data provider Real Capital Analytics. The 886,000 square foot building is fully occupied, largely leased by law firms, according to RCA.
Allianz typically picks up interests in overseas properties, such as when it bought a 49 percent stake in a Miami office complex owned by financial services conglomerate TIAA-CREF for $183.5 million in November, as PERE previously reported.
It is also reportedly purchasing a 48 percent stake in a tower north-west of One Battery Park Plaza. The deal for 10 Hudson Yards is under contract, but the terms for the first tower set for completion in Related Companies’ development have not been disclosed.
Seller Coach, the luxury retailer that plans to anchor the building, bought the space for $530 million in August 2013, according to RCA. Coach’s chief financial officer Jane Nielsen said on a January investor conference call that the company’s Hudson Yards transaction was unlikely to be completed before summer.