Allianz Buys Stake in Manhattan’s 10 Hudson Yards Skyscraper
- Transaction values the newly built tower at $2.15 billion
- Insurer acquires Coach’s interest, part of Kuwait fund’s stake
The Sweet Spot of Global Commercial Real Estate Market
Allianz SE completed a deal to acquire a stake of 10 Hudson Yards that values the skyscraper on Manhattan’s far west side at $2.15 billion, marking one of the city’s largest real estate transactions this year.
A New York-based unit of Europe’s largest insurer contributed about $420 million in cash, and was part of a group that took on a $1.2 billion mortgage, for a 44 percent stake of the tower, according to a statement Monday. Allianz bought Coach Inc.’s ownership interest, which the handbag maker acquired for $530 million in 2013, as well as part of a stake held by the Kuwait Investment Authority. The building opened in May and was the first to be completed at Related Cos.’ sprawling Hudson Yards development.