Investors - JULY 7, 2017

Allianz Real Estate forms JV to acquire class-A office properties

by Andrea Waitrovich

Allianz Real Estate has formed a joint venture with Columbia Property Trust to acquire class-A office properties located in the United States.

The two investors have initially contributed three properties to the joint venture that have a combined gross asset value of $1.26 billion.

Columbia contributed two properties in the San Francisco Bay Area, University Circle, a 451,000-square-foot office complex in Palo Alto valued at $540 million, and 333 Market St., a 657,000-square-foot office tower in San Francisco’s Financial District valued at $500 million.

Allianz now owns a 22.5 percent interest in University Circle and 333 Market St., while Columbia owns 77.5 percent and will continue to oversee property management and leasing at these two properties, as well as management of day-to-day operations of the joint venture.
Allianz has plans to increase its ownership interest in both University Circle and 333 Market Street to 45 percent.
Allianz contributed 114 Fifth Ave. to the joint venture. This property is a 352,000-square-foot office building in Manhattan valued at $220 million.

Columbia and Allianz will each own 49.5 percent, while L&L retains its general partnership stake and will continue as the property management and leasing agent.

Allianz Real Estate of America will be executing portfolio strategies in the Americas on behalf of a number of Allianz Group insurers.

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