Allianz acquired the stake in this 45-story office tower through a partnership as co-investor with Paramount Group, Inc., New York’s largest international real estate investment and management firm.
Allianz acquires stake in office building in New York City
Global diversification of real estate portfolio
"With this investment we are continuing the diversification of our real estate portfolio on a global basis," says Ronald Weidner, Chief Investment Officer of Allianz Real Estate GmbH, who was responsible for closing the deal. "With the acquisition of 1301 Avenue of the Americas, we followed our strategy and have invested in one of the world’s most attractive markets."
Built in 1963 and refurbished in 1989, 1301 Avenue of the Americas is in the heart of Midtown Manhattan, directly opposite the Rockefeller Center. The 1,800,000 square foot office tower is located along a prime corridor known as "Corporate Row" and is connected with the Rockefeller Center via an underground concourse. Main tenants of the fully leased building are Dewey & Le Boeuf, Calyon, Lehman Brothers and Dresdner Kleinwort.
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