By Stephen Nakrosis 
 

Allianz Real Estate on Friday said it took a 49% stake in an office condominium at New York City's 30 Hudson Yards office building.

The stake is valued at $348 million, the company said.

Allianz Real Estate is the captive investment and asset manager for real estate within Allianz Group, it said.

The acquisition was completed on behalf of several Allianz group insurance companies, and follows the purchase of a 44% stake in 10 Hudson Yards in 2016 for $420 million, the company said.

Allianz said it entered a sale-leaseback deal as part of a consortium with "Related companies and a third-party investor, who have acquired the remainder of the office condominium."

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

June 14, 2019 15:53 ET (19:53 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.