Columbia Property Trust, Inc. and Allianz Real Estate have completed the formation of a joint venture to acquire and manage Class-A office properties in gateway markets in the United States. The firms will contribute three unencumbered properties to the partnership that have a combined gross asset value of $1.26 billion. Columbia will assign two of its properties in the San Francisco Bay area. These include University Circle the 451,000 sqf office complex in Palo Alto valued at $540 million and 333 Market Street, a 657,000 sqf office tower in the Financial District valued at $500 million. Allianz will add 114 Fifth Avenue, a 352,000 sqf office building in Manhattan valued at $220 million that Allianz has owned since 2015 along with its 1% partner, L&L Holding Company.
“This opportunity reflects the goal of our U.S. team to pursue high-quality, long-term investments with partners that share our vision and ability to create value,” said Christoph Donner, CEO, Allianz Real Estate of America. “In addition to an alignment of our investment strategies, the combination of our highly-experienced and knowledgeable teams of investment and asset management professionals will support growth in the portfolio of our joint investments over time. Columbia is a nimble, long-term investor and the formation of this joint venture further evidences that Allianz is a capital partner capable of seamless execution.”
