Located in Times Square, the 57-storey building boasts 1.86 million square feet of office and retail space.
It was refurbished in 2012, and is now 98 percent leased, with its office space occupied by Viacom on a long-term contract until 2031. Retail tenants include Skechers, Swatch, Oakley and Kiko Milano, and the building also houses the Minskoff Theatre, which is currently hosting The Lion King.
The property was purchased from SL Green Realty Corp, and brings Allianz’s total assets under management to $16.3 billion.
The deal concludes a successful 2017 for Allianz, following the origination of $3.5 billion in equity and debt investments, and the closing of a record $2 billion in financing.
Allianz also opened its Atlanta office earlier in the year, in a bid to open further opportunities in the southern US.
François Trausch, CEO of Allianz Real Estate, said: “With the acquisition of a 43 percent interest in 1515 Broadway we are able to look back on one of our most successful years in Allianz Real Estate’s history in the US.”
Christoph Donner, CEO of Allianz Real Estate in America, added: “2017 has not just been about strong growth and a record of over 50 new investments, it has also seen us deepen our presence in key markets by opening an Atlanta office, bringing our presence in the south in line with that of our east and central regions, managed out of New York, and activity in the west, managed out of our office in Los Angeles.”