{"id":1004198871,"date":"2017-12-01T06:36:36","date_gmt":"2017-12-01T14:36:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004198871"},"modified":"2022-12-09T00:34:19","modified_gmt":"2022-12-09T08:34:19","slug":"allianz-takes-stake-at-sl-greens-nyc-trophy-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-takes-stake-at-sl-greens-nyc-trophy-tower\/","title":{"rendered":"Allianz Takes Stake in Times Square Tower"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"111130_EJ_1515broadway_0003\"<\/a>

Image courtesy of Allianz Real Estate.<\/p><\/div>\n

Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway in Manhattan\u2019s Times Square from SL Green Realty Corp., capping of a year of investments in U.S. real estate reaching $3.5 billion.<\/p>\n

The firm, one of the world\u2019s leading insurers and asset managers, now has $16.3 billion in assets under management in the United States. Allianz Real Estate manages investment programs on behalf of a number of Allianz group companies around the world.<\/p>\n

The 2017 $3.5 billion milestone was reached through a combination of equity and debt investments across nearly all asset classes that also further diversified the company\u2019s geographic footprint, according to the New York-based firm.<\/p>\n

\u201cWith the acquisition of a 43 percent interest in 1515 Broadway, we are able to look back on one of the most successful year\u2019s in Allianz\u2019 real estate history in the U.S.,\u201d<\/em> Christoph Donner, CEO of Allianz Real Estate of America, said in a prepared statement. \u201cWith new equity commitments of $1.5 billion and $2.0 billion of new debt investments, we are 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 and Central regions, run out of New York, and activity in the West, managed out of our office in Los Angeles.\u201d<\/em><\/p>\n

Donner added that as of the end of November, the firm\u2019s U.S. finance book totaled \u201c$11.5 billion across 325 loans while our equity team has executed $1.5 billion across 12 fund investments and 15 joint ventures totaling $3.3 billion.\u201d<\/em><\/p>\n

High-Profile Sales<\/h2>\n

In a sale that values 1515 Broadway, a 1.86 million-square-foot Class A office building, at $1.95 billion, SL Green said it expects to realize cash proceeds of $416 million after the final close. The deal is being split in two with 70 percent of the transaction closing Nov. 30 and the balance closing in the first quarter of 2018.<\/p>\n

\u201cAllianz\u2019 investment in 1515 Broaday represents a unique and exciting opportunity to partner with SL Green and add an attractive trophy asset, with significant upside in the coming years, to our growing portfolio in New York City,\u201d<\/em> Donner said.<\/p>\n

\u00a0\u201cThis transaction speaks to the continued strong interest from overseas investors in New York City office assets as well as the strength of the Times Square office and retail market,\u201d<\/em> SL Green President Andrew Mathias said in prepared statement.<\/p>\n

SL Green acquired a 55 percent stake in May 2002 for $483.5 million and acquired the rest of the building in April 2011 for $1.21 billion, according to Reuters.<\/p>\n

The 54-story trophy tower is in the heart of Manhattan\u2019s theater district and is the international headquarters of Viacom Inc. Retail tenants include Line Friends,<\/a> which signed a 10-year, 4,629-square-foot lease in March, and Kiko Milano, an Italian professional cosmetics brand, which took 1,542 square feet earlier this year too, as well as Oakley, Swatch and Skechers. It\u2019s also home to the Minskoff Theatre, which features \u201cThe Lion King,\u201d currently the highest grossing show on Broadway.<\/p>\n

Allianz made several other high-profile deals this year in the U.S., including forming a $1.3 billion joint venture<\/a> in July to acquire Class A office properties in gateway markets with Columbia Property Trust. One of those markets was Washington, D.C., where the JV made its first purchase in the nation\u2019s capital in October, paying $421 million for 1800 M St.,<\/a> a 10-story, 580,930-square-foot Class A office building at 18th<\/sup> and M streets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase from SL Green capped a year of investments in U.S. real estate that reached $3.5 billion for the company, which now has $16.3 billion in assets under management nationwide. <\/p>\n","protected":false},"author":1068,"featured_media":1004198877,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10],"tags":[36612,32895],"class_list":["post-1004198871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","tag-allianz-real-estate","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nAllianz Takes Stake in Times Square Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/allianz-takes-stake-at-sl-greens-nyc-trophy-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allianz Takes Stake in Times Square Tower\" \/>\n<meta property=\"og:description\" content=\"The purchase from SL Green capped a year of investments in U.S. real estate that reached $3.5 billion for the company, which now has $16.3 billion in assets under management nationwide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-takes-stake-at-sl-greens-nyc-trophy-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-01T14:36:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:34:19+00:00\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/111130_EJ_1515broadway_0003-e1512138963740.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-takes-stake-at-sl-greens-nyc-trophy-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-takes-stake-at-sl-greens-nyc-trophy-tower\/\",\"name\":\"Allianz Takes Stake in Times Square Tower - 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