Allianz deal values 1515 Broadway at $1.95B

SL Green in contract to sell 43% stake in Midtown office tower

TRD New York /
Nov.November 14, 2017 03:20 PM

From left: 1515 Broadway, Allianz Real Estate’s Christoph Donner and SL Green’s Marc Holliday

Allianz Real Estate is in contract to buy a 43 percent stake in the office tower 1515 Broadway near Times Square. The seller, SL Green Realty, said it expects to end up with $416 million from the deal.

The sale would value the tower at $1.95 billion, the New York Post reported, making it one of the most valuable buildings in the United States. Allianz will also buy a portion on the debt at the 57-story building, located between West 44th and 45th streets. Cushman & Wakefield brokered the deal.

Major tenants at the 1.9 million-square-foot property include Viacom, which has its headquarters there and takes up approximately 85 percent of the buildings total space after renewing and expanding its lease in 2012. Retail tenants include Skechers and Oakley.

China Investment Corporation and several other bidders were reportedly vying for the stake earlier this year.

Allianz Real Estate, a division of the German insurance and financial services company Allianz, last year acquired a 44 percent stake in 10 Hudson Yards in a $707 million lease-back deal with Coach.

In September, SL Green and RXR Realty agreed to buy a 49 percent stake in One Worldwide Plaza, in a deal valuing that building at $1.7 billion. [NYP] Will Parker


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

Paul Volcker (Credit: Getty Images)

Paul Volcker, Fed Chair who infuriated real estate, dies

From left: 86-08 Queens Boulevard, 169 First Avenue and 3540 Decatur Avenue (Credit: Google Maps)

Raymour & Flanagan purchase tops week’s mid-market investment sales

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Cuomo calls Amazon’s Hudson Yards lease “crumbs from the table”

Cuomo calls Amazon’s Hudson Yards lease “crumbs from the table”

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

arrow_forward_ios