Allianz buys into skyscraper for $384m
Allianz has paid $384 million for a 49 percent stake in an office condo in 30 Hudson Yards, the second tallest office office skyscraper in New York City.
Allianz invested in the 1,463,234 square foot asset alongside Hudson Yards developer Related Cos. and a third party investor in a sale leaseback agreement. Rising 1,296 feet, 30 Hudson Yards officially opened in March, along with the first phase of the 28-acre Hudson Yards neighborhood developed by Related Cos. and Oxford Properties. The $16 billion project is the largest private real estate development in U.S. history.
The 2.6 million-square foot skyscraper features the highest outdoor observation deck in the Western Hemisphere. It provides office space for Kohlberg, Kravis & Roberts and Wells Fargo Securities and will host an estimated 10,000 employees. The building is located at 500 W. 33rd St. It is connected to the new station of the No. 7 Subway extension.
WarnerMedia became a partner in the development of 30 Hudson Yards in 2014. In addition, last April, Related Cos. announced that affiliates of the company had entered into an agreement with the media conglomerate to purchase its 1.5 million square feet of office condo space for $2.2 billion. But, the 26 storey office condominium within the 90-storey, LEED Gold-certified tower will serve as the global headquarters of WarnerMedia through early 2034.