NEW YORK & MUNICH--(BUSINESS WIRE)--Allianz Real Estate today announced the acquisition of 1800 M Street in Washington, D.C. through its joint venture with Columbia Property Trust. Allianz and Columbia announced the formation of their joint venture in early July of this year.
1800 M Street is located at the corner of 18th and M Streets. Its setting is directly in the path of three Metro stations and is just blocks away from several of D.C.’s most sought after, highly-amenitized, residential neighborhoods. The property’s recent repositioning created a tenant experience resulting in 400,000 RSF of leasing activity. It is currently 94 percent leased with a stable, diverse income stream and minimal near-term rollover.
“1800 M Street is an asset that epitomizes our investment program with Columbia Property Trust,” said Christoph Donner, CEO of Allianz Real Estate of America. “It is a Class A, transit-oriented office property situated among renowned dining, retail and entertainment venues and attractive residential neighborhoods, all within one of the global, gateway cities Allianz has confidence in.”
1800 M Street is LEED Gold certified, 10-story, ≈ 581,000 RSF building leased to 34 tenants with trophy-quality build-outs. The property incorporates three levels of below-grade parking, storefronts, dual lobbies, six private tenant terraces, a rooftop deck and nine corner offices per floor. Farragut Square, Dupont Circle, Restaurant Row and Connecticut Avenue are in close proximity, as are the Logan Circle and Georgetown residential neighborhoods.
About Allianz
The Allianz Group is one of the world's
leading insurers and asset managers with more than 86 million retail and
corporate customers. Allianz customers benefit from a broad range of
personal and corporate insurance services, ranging from property, life
and health insurance to assistance services to credit insurance and
global business insurance. Allianz is one of the world’s largest
investors, managing over 650 billion euros on behalf of its insurance
customers while our asset managers Allianz Global Investors and PIMCO
manage an additional 1.4 trillion euros of third-party assets. Thanks to
our systematic integration of ecological and social criteria in our
business processes and investment decisions, we hold the leading
position in the Dow Jones Sustainability Index. In 2016, over
140,000 employees in more than 70 countries achieved total revenues of
122 billion euros and an operating profit of 11 billion euros for the
group.
About Allianz Real Estate
Allianz Real Estate is the
strategic center of expertise in real estate within the Allianz Group
and a leading international real estate investment and asset manager.
Allianz Real Estate develops and executes worldwide tailored portfolio
and investment strategies on behalf of the Allianz companies,
considering direct as well as indirect investments and real estate
loans. The operational management of investments and assets is currently
performed in seven international subsidiaries and hubs in Germany,
France, Switzerland, Italy, Spain, USA and Singapore. The headquarters
of Allianz Real Estate are located in Munich and Paris. Allianz Real
Estate has approximately 53 billion euros in assets under management.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
The
statements contained herein may include prospects, statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown
risks and uncertainties. Actual results, performance or events may
differ materially from those expressed or implied in such
forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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