Allianz buys stake in Manhattan office tower

Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway in Manhattan’s Times Square from SL Green Realty Corp.

The transaction values the class-A Times Square office building at $1.950 billion, or $1,045 per square foot.

The acquisition brings Allianz Real Estate's 2017 total investments in U.S. real estate to $3.5 billion.

“With the acquisition of a 43 percent interest in 1515 Broadway, we are able to look back on one of the most successful year’s in Allianz’ real estate history in the U.S.,” said Christoph Donner, CEO of Allianz Real Estate of America, in a prepared statement. “With new equity commitments of $1.5 billion and $2.0 billion of new debt investments, we are ending 2017 on a high note. 2017 has not just been about strong growth and a record of over 50 new investments, it has also seen us deepen our presence in key markets by opening an Atlanta office, bringing our presence in the South in line with that of our East and Central regions, run out of New York, and activity in the West, managed out of our office in Los Angeles.”

The 57-storey building totals 1.86 million square feet. It is currently 98 percent leased.

SL Green acquired a 55 percent stake in May 2002 for $483.5 million and acquired the rest of the building in April 2011 for $1.21 billion