July 10, 2017
Atlanta-based Columbia Property Trust, Inc. and New York-based Allianz Real Estate formed a joint venture to acquire and manage Class A office properties located in select gateway markets in the U.S. The two companies initially contributed three unencumbered properties to the JV that have a combined gross asset value of $1.26 billion. Additional office property acquisitions are planned.
Columbia contributed two of its properties in the San Francisco Bay Area, including University Circle (pictured), a 451,000-square-foot office complex in Palo Alto valued at $540 million, and 333 Market Street, a 657,000-square-foot office tower in the Financial District valued at $500 million.
Allianz also simultaneously contributed 114 Fifth Avenue, a 352,000-square-foot office building in the Flatiron District of Manhattan’s Midtown South. The 19-story asset is valued at $220 million, and has been owned by Allianz since 2015 along with its 1% partner, L&L Holding Company.
For comments, questions or concerns, please contact Dennis Kaiser