Allianz Buys Stake in Hudson Yards Tower for $384 Million
WarnerMedia said it completed the sale of its space for about $2.2 billion and will lease the offices through early 2034.
(Bloomberg) -- Allianz SE is making another bet on New York City’s Hudson Yards, buying into a second skyscraper in the development.
The German insurer paid $384 million for a 49% stake in an office condo at 30 Hudson Yards, according to a statement Friday. The transaction is part of a sale-leaseback with Related Cos., the co-developer of the $25 billion project on Manhattan’s far west side, and a third party.
Bloomberg reported in April that Related would buy and lease back the space that AT&T Inc.’s WarnerMedia had purchased at 30 Hudson Yards, and that Allianz was one of the developer’s potential partners in the deal. On Friday, WarnerMedia said it completed the sale of its space for about $2.2 billion and will lease the offices through early 2034.
Allianz in 2016 bought a 44% stake in neighboring 10 Hudson Yards for $420 million. In that deal, the insurer acquired Coach’s interest, which the handbag maker purchased for $530 million in 2013, as well as part of a stake held by the Kuwait Investment Authority, Bloomberg reported at the time.
The office condo that Allianz is buying in 30 Hudson Yards consists of about 1.5 million square feet across 26 floors. The skyscraper is one of five new office buildings planned at Related’s 28-acre mixed-use development. It has attracted companies including KKR & Co. and Wells Fargo & Co., and is the second-tallest office tower in New York, according to the developer’s website.
To contact the reporter on this story: Lily Katz in New York at lkatz31@bloomberg.net
To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, Christine Maurus, Daniel Taub
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