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New York & Tri-State  + Office  |  June 17, 2019
Manhattan office leasing declined by as much as 46.5% in the fourth quarter from Q3 levels, according to brokerage reports
Paul Bubny
By: Paul Bubny

Allianz Takes Big Stake in 30 Hudson Yards

Allianz has taken a significant stake in a second Hudson Yards tower, paying $384 million for a 49% interest in a 1.46-million-square-foot office condominium at 30 Hudson Yards. The financial services company 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 condo.

The acquisition by Allianz Real Estate follows its $420-million purchase in mid-2016 of a 44% stake in 10 Hudson Yards, the first tower completed at the mega-project on Manhattan’s Far West Side. The 30 Hudson Yards deal makes New York the fifth most significant city for Allianz Real Estate globally, in terms of total exposure.

“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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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