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German investor buys Manhattan office

by Andrea Waitrovich

Allianz Real Estate of America, a subsidiary of Germany-based Allianz, has acquired a 50 percent stake in the One Battery Park Plaza in Lower Manhattan. The sales price is approximately $182.5 million, and the seller, Rudin Organization, will retain the remaining interest. The 885,645-square-foot office building is 100 percent occupied. Major tenants include Hughes Hubbard, Seward & Kissel, Harris King, Mound Cotton, and Meridian Capital Management. The acquisition follows the purchase by French investor Fimalac of the office property located at 693 Fifth Ave. in Manhattan for approximately $525 million. And Citigroup recently completed its acquisition of its headquarters at 388–390 Greenwich for more than $1.7 billion from SL Green Realty Corp. Approximately $5.59 billion has been invested in the Manhattan of

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