Allianz teams up with Related on $2.2B Hudson Yards deal

German insurer picks up 49% stake in WarnerMedia’s office condo at 30 Hudson Yards
June 17, 2019 01:00PM

30 Hudson Yards, Allianz CEO Oliver Bäte and Related Companies chairman and founder Stephen M. Ross

30 Hudson Yards, Allianz CEO Oliver Bäte and Related Companies chairman and founder Stephen M. Ross

Munich-based insurance company Allianz has acquired a 49 percent equity interest in 26 floors at 30 Hudson Yards, which boasts Manhattan’s highest outdoor observation deck. The equity was previously owned by AT&T’s WarnerMedia, until Related entered a contract in April to buy and lease back WarnerMedia’s office for $2.2 billion. Cushman & Wakefield brokered the deal.

The German insurance behemoth’s Hudson Yards acquisition would make New York City the fifth largest city represented in its portfolio. The company has been on a Big Apple buying spree in the last few years. Allianz also bought a 44 percent interest in Coach’s office condo at 10 Hudson Yards in 2016, which gave the company insight into the desirability of the mega development for potential tenants, Bloomberg reported.

“It has become a magnet for tourists,” Allianz Real Estate of America chief executive Christoph Donner said. “New York is a mega city, and these mega cities will continue to do well, they will continue to drive interest from tenants and tourists.”

[Bloomberg] — Georgia Kromrei