{"id":1004285291,"date":"2018-12-12T04:00:43","date_gmt":"2018-12-12T12:00:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285291"},"modified":"2022-12-08T09:41:52","modified_gmt":"2022-12-08T17:41:52","slug":"allianz-jv-buys-boston-office-tower-for-845m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-jv-buys-boston-office-tower-for-845m\/","title":{"rendered":"Allianz JV Buys Boston Office Tower for $845M"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004285297\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285297\" data-attachment-id=\"1004285297\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/allianz-jv-buys-boston-office-tower-for-845m\/53-state-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"53 State Street\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;53 State Street (Image courtesy of Newmark Knight Frank)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg?w=800\" class=\"size-medium wp-image-1004285297\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg\" alt=\"53 State Street (Image courtesy of Newmark Knight Frank)\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/53-State-Street.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285297\" class=\"wp-caption-text\">53 State Street (Image courtesy of Newmark Knight Frank)<\/p><\/div>\n<p>Allianz\u2019s U.S. expansion plan continues with the acquisition of 53 State Street, a 1.2 million-square-foot office property in downtown Boston. In a partnership with Beacon Capital Partners and the Pension Reserves Investment Management Board, the Munich-based investment and asset manager acquired the premier property from UBS Asset Management for $845 million. Allianz walked away from the transaction with a 49 percent stake in the asset.<\/p>\n<p>The $768 per square foot purchase price reflects 53 State\u2019s prominence in the market. <em>\u201c53 State Street represents one of the most iconic trophy towers in one of the United States&#8217; most sought-after gateway cities,&#8221;<\/em> Edward Maher, vice chairman with Newmark Knight Frank, said in a prepared statement. NKF orchestrated the transaction on behalf of UBS, which had purchased the asset in 2011 for $610 million.<\/p>\n<p>Also known as Exchange Place, 53 State spans an entire city block and consists of two linked buildings combining the city\u2019s past with its present. A seven-story atrium connects the 11-story Boston Exchange Building, developed in 1891, with a 40-story, blue-glass tower erected in 1985. Today, the property is 93 percent leased to a variety of occupants, including The Boston Globe, which relocated its headquarters to a 75,000-square-foot space at the property in 2017, and law firm Nixon Peabody LLP, which inked a lease for approximately 100,600 square feet in the first quarter of 2018.<\/p>\n<p>NKF&#8217;s debt team, led by David Douvadjian, an executive managing director with the firm, orchestrated acquisition financing for Allianz and partners.<\/p>\n<h2>Busy year of buying<\/h2>\n<div id=\"attachment_1004285300\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285300\" data-attachment-id=\"1004285300\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/allianz-jv-buys-boston-office-tower-for-845m\/christoph-donner-allianz-real-estate-of-america\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Christoph Donner, CEO, Allianz Real Estate of America\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Christoph Donner, CEO, Allianz Real Estate of America (Image courtesy of Allianz)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg?w=800\" class=\"wp-image-1004285300 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg\" alt=\"Christoph Donner, CEO, Allianz Real Estate of America\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Christoph-Donner-Allianz-Real-Estate-of-America.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285300\" class=\"wp-caption-text\">Christoph Donner, CEO, Allianz Real Estate of America (Image courtesy of Allianz)<\/p><\/div>\n<p>Allianz has a goal of increasing its real estate investments in top global markets to $110 billion by the end of 2020, and the firm\u2019s activity in the U.S. is playing a major role in the growth plan.<\/p>\n<p>Most recently, Allianz completed the joint venture acquisition of the <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-jv-buys-terminal-stores-in-nyc-for-880m\/\">1.2 million-square-foot Terminal Stores<\/a>, a mixed-use property in Manhattan, in an $880 million transaction. The company also partnered with Hudson Pacific Properties on the $291 million purchase of a leasehold interest in the land and improvements of <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-jv-pays-291m-for-iconic-sf-building\/\">the historic Ferry Building<\/a>, which features 275,000 square feet of office and retail space.<\/p>\n<p>\u201c<em>2018 again delivered strong growth and we are ending this year in a very good position,&#8221;<\/em> Christoph Donner, CEO of Allianz Real Estate of America, said in prepared remarks. Altogether, Allianz has invested $728 million in new equity transactions in the U.S. this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Munich-based company teamed up with Beacon Capital Partners and the Pension Reserves Investment Management Board to purchase the 1.2 million-square-foot asset.<\/p>\n","protected":false},"author":969,"featured_media":1004285297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21742,10,21747],"tags":[36612,34128,36007,40434],"class_list":["post-1004285291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-latest","category-northeast","category-office","tag-allianz-real-estate","tag-beacon-capital-partners","tag-newmark-knight-frank","tag-ubs-asset-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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