The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Allianz SE is making another bet on New York City’s Hudson Yards, buying into a second skyscraper in the development. The German insurer paid $384 million for a 49 percent stake in an office condo at 30 Hudson Yards, according to a statement. The transaction is part of a sale-leaseback with Related Cos., the co-developer of the $25 billion project on Manhattan’s far west side, and a third party.
Bloomberg reported in April that Related would buy and lease back the space that AT&T Inc.’s WarnerMedia had purchased at 30 Hudson Yards, and that Allianz was one of the developer’s potential partners in the deal. WarnerMedia said it completed the sale of its space for about $2.2 billion and will lease the offices through early 2034.
Allianz in 2016 bought a 44 percent stake in neighboring 10 Hudson Yards for $420 million. In that deal, the insurer acquired Coach’s interest, which the handbag maker purchased for $530 million in 2013, as well as part of a stake held by the Kuwait
Investment Authority, Bloomberg
reported at the time.