Allianz Buys 49% Stake In Hudson Yards Office Tower For $384 Mln

(RTTNews) - Allianz SE (AZSEY.PK) announced that it has invested $384 Million for a 49 percent stake in an office condominium in New York's 30 Hudson Yards office building. The condominium in 30 Hudson Yards consists of 1.46 million gross square feet across 26 floors.

The company enters into a sale-leaseback agreement as part of a consortium with Related Companies and a third-party investor, who have acquired the remainder of the office condominium.

The investment follows the Allianz's purchase of a 44 percent stake in 10 Hudson Yards, the first tower in the development, in mid-2016 for $420 million.

The company noted that the 30 Hudson Yards transaction will make New York the fifth most significant city for Allianz Real Estate, globally, in terms of total exposure.