Allianz Caps off a Strong Year of Real Estate Activity in the U.S. with Its Investment in 1515 Broadway, New York

  • Allianz Real Estate grows its U.S. AUM to $16.3bn following the origination of $3.5bn in equity and debt investments and the opening of its Atlanta office in 2017.
  • Allianz Real Estate deploys $1.5bn in new equity transactions, including most recently 1515 Broadway, a $1.95bn Class A office building, located in New York's Times Square.
  • Allianz Real Estate’s U.S. debt team closes a record number of financings totaling $2bn and including several landmark properties such as Miami South Beach's 1111 Lincoln Road and Nashville’s The Pinnacle.

NEW YORK--()--Moving into the final month of 2017, Allianz announced yet another landmark investment in the U.S. The acquisition of a 43 percent stake in 1515 Broadway propels the real estate investor’s AUM to reach $16.3bn in the U.S. through the 2017 origination of $3.5bn equity and debt investments. Allianz Real Estate manages investment programs on behalf of a number of Allianz group companies around the world. In September, it opened its second regional office in Atlanta to capture an increasing number of opportunities in the South.

“With new equity commitments of $1.5bn and $2.0bn of new debt investments, we are ending 2017 on a high note.”

The 2017 $3.5bn milestone was reached through a combination of equity and debt, spanned nearly all asset classes and delivered high calibre investment opportunities. Debt investment generated a record number of closings and further diversified the investor’s geographic footprint. High profile activity expanded Allianz’s portfolio of Class A office properties in select gateway markets through the acquisition of a 43 percent stake in New York’s 1515 Broadway, a newly formed joint venture partnership with Columbia Property Trust, totaling four assets, and the financings of both 1111 Lincoln Road (Mixed-use in Miami South Beach) and The Pinnacle (Office in Nashville).

“With the acquisition of a 43 percent interest in 1515 Broadway, we are able to look back on one of the most successful years in Allianz’s real estate history in the U.S.,” said Christoph Donner, CEO of Allianz Real Estate of America. “With new equity commitments of $1.5bn and $2.0bn of new debt investments, we are ending 2017 on a high note.” He continued, “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 & Central regions, run out of New York, and activity in the West, managed out of our office in Los Angeles.”

Donner continued: “Both our debt and equity platforms are built on strong relationships with our partners. At the end of November our U.S. financing book will total $11.5bn across 325 loans while our equity team has executed $1.5bn across 12 fund investments and 15 joint ventures totaling $3.3bn.”

More About the 1515 Broadway Deal

Allianz acquired a 43 percent interest in 1515 Broadway, a Class-A Times Square office building. The investment was executed by Allianz Real Estate on behalf of several Allianz companies. The seller is SL Green Realty Corp. (NYSE: SLG), New York City´s largest commercial property owner.

1515 Broadway comprises 1.86 million square feet. SL Green purchased 1515 Broadway as part of a joint venture in 2002 and acquired full control of the building in 2011. In 2012, following a comprehensive redevelopment of the property that included the re-positioning of all retail space, a new lobby, new elevators, revitalized building systems along with new state-of-the-art signage, Viacom signed a long-term lease renewal and will occupy the building’s office space through 2031. 1515 Broadway is located in the heart of the “bow tie” of New York’s Times Square between 44th and 45th street. The 57-story building is currently 98 percent leased and is home to retail tenants Skechers, Swatch, Oakley, Kiko Milano, and Line Friends along with the Minskoff Theatre, one of the city’s largest live performance theatres and host to The Lion King – the highest grossing show on Broadway.

About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.3 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenue of 122 billion euros and an operating profit of 11 billion euros for the group.

About Allianz Real Estate
Allianz Real Estate is the strategic center of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments and real estate loans. The operational management of investments and assets is currently performed in seven international subsidiaries and hubs in Germany, France, Switzerland, Italy, Spain, USA and Singapore. The headquarters of Allianz Real Estate are located in Munich and Paris. Allianz Real Estate has approximately EUR 50bn assets under management.

About Allianz Real Estate of America
Allianz Real Estate of America is responsible for equity and commercial mortgage loan investments in the Americas. Allianz Real Estate of America, based in New York, has a portfolio of over $16 billion (€13.5 billion) with its holdings diversified across more than 30 metro markets and property types spanning office, multi-family, retail, and industrial.

As always, the evaluations are subject to the following cautionary notes.

Cautionary Note Regarding Forward-Looking Statements
In so far as forecasts or expectations are expressed in this document or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results and developments may therefore differ considerably from the expectations and assumptions made. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

No Duty to Update
The company is under no obligation to update the information and the forward-looking statements made in this report, provided there is no statutory publication requirement.

About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2017, SL Green held interests in 118 Manhattan buildings totaling 47.8 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 20.3 million square feet of buildings. In addition, SL Green held ownership interests in 27 suburban buildings totaling 4.3 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at or contact Investor Relations at (212) 594-2700.


Lauren Fredin, 612-455-1755

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