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German investor buys in Hudson Yards for $707m

by Andrea Waitrovich

Coach Inc. has sold its headquarters space in New York City’s Hudson Yards development for $707 million under a sale-leaseback agreement. The transaction is part of a broader deal under which Allianz Real Estate, the property unit of Germany-based Allianz SE, purchased a 44 percent stake in 10 Hudson Yards, the first building completed in the redevelopment project by Related Cos. and Oxford Properties Group on Manhattan’s West Side.

Allianz, which paid about $420 million in cash, also bought a portion of the stake held by the Kuwait Investment Authority. The property is now owned by a limited partnership that includes Allianz, Related, Oxford and institutional investors advised by J.P. Morgan Asset Management.

Hudson Yards, the largest private real estate redevelopment since the economic downturn, became a signature initiative of former Mayor Michael Bloomberg and will total more than 17 million square feet of commercial and residential space, more

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