Allianz, Columbia Form $1.3 Billion U.S. Real Estate Venture
- German insurer will contribute Manhattan office tower to deal
- Columbia brings two California properties to joint venture
on February 23, 2010 in Berlin, Germany.
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Allianz SE, Europe’s biggest insurer, is partnering with Columbia Property Trust Inc. to create a $1.26 billion joint venture for U.S. real estate.
The Munich-based insurer contributed an office tower at 114 Fifth Ave. in Manhattan that’s valued at $220 million to the partnership, Allianz’s real estate unit said in a statement Thursday. Columbia added University Circle, a $540 million office complex in Palo Alto, California, and 333 Market St., an office tower in San Francisco’s financial district valued at $500 million.