Allianz completes a strong year of real estate activity in the US with the acquisition of 1515 Broadway, New York
Munich/New York, 12/01/2017
Allianz Real Estate grows its U.S. AUM to $16.3bn following the origination of $3.5bn in equity and debt investments and the opening of its Atlanta office in 2017. / Allianz Real Estate deploys $1.5bn in new equity transactions, including most recently 1515 Broadway, a $1.95bn Class A office building, located in New York’s Times Square. / Allianz Real Estate’s U.S. debt team closes a record number of financings totaling $2bn, that includes several landmark properties such as Miami South Beach's 1111 Lincoln Road and Nashville’s The Pinnacle.
Moving into the final month of 2017, Allianz announced yet another landmark investment in the U.S. The acquisition of a 43% stake in 1515 Broadway propels the real estate investor's AUM to reach $16.3bn in the U.S. through the 2017 origination of $3.5bn equity and debt investments. Allianz Real Estate manages investment programs on behalf of a number of Allianz group companies around the world. In September, it opened its second regional office in Atlanta to capture an increasing number of opportunities in the South.
The 2017 $3.5bn milestone was reached through a combination of equity and debt, spanned nearly all asset classes, and delivered high calibre investment opportunities. Debt investment generated a record number of closings and further diversified the investor's geographic footprint. High profile activity expanded Allianz's portfolio of Class A office properties in select gateway markets through the acquisition of a 43% stake in New York's 1515 Broadway, a newly formed joint venture partnership with Columbia Property Trust, totaling 4 assets, and the financings of both 1111 Lincoln Road (Mixed-use in Miami South Beach) and The Pinnacle (Office in Nashville).
"With the acquisition of a 43% interest in 1515 Broadway we are able to look back on one of our most successful years in Allianz Real Estate's history in the US," said François Trausch, CEO of Allianz Real Estate. "With new equity commitments of $1.5bn and $2.0bn of new debt investments, the US team is ending 2017 on a high note."
"2017 has not just been about strong growth and a record of over 50 new investments, it has also seen us deepen our presence in key markets by opening an Atlanta office, bringing our presence in the South in line with that of our East & Central regions, managed out of New York, and activity in the West, managed out of our office in Los Angeles," noted Christoph Donner, CEO of Allianz Real Estate of America. "Both our debt and equity platforms are built on strong relationships with our partners. At the end of November our U.S. financing book will total $11.5bn across 325 loans while our equity team has executed $1.5bn across 12 fund investments and 15 joint ventures totaling $3.3bn."
More about the 1515 Broadway deal
Allianz acquired a 43% interest in 1515 Broadway, a Class-A Times Square office building. The investment was executed by Allianz Real Estate on behalf of several Allianz companies. The seller is SL Green Realty Corp. (NYSE: SLG), New York City´s largest commercial property owner.
1515 Broadway comprises 1.86 million-square-feet?. SL Green purchased 1515 Broadway as part of a joint venture in 2002 and acquired full control of the building in 2011. In 2012, following a comprehensive redevelopment of the property that included the re-positioning of all retail space, a new lobby, new elevators, revitalized building systems along with new state-of-the-art signage, Viacom signed a long-term lease renewal and will occupy the building's office space through 2031. 1515 Broadway is located in the heart of the "bow tie" of New York's Times Square between 44th and 45th street. The 57-story building is currently 98% leased and is home to retail tenants Skechers, Swatch, Oakley, Kiko Milano, and Line Friends along with the Minskoff Theatre, one of the city's largest live performance theatres and host to The Lion King – the highest grossing show on Broadway.
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