Allianz takes 45% interest in Columbia’s South Financial District tower at $400 million valuation
Brings combined gross asset value of joint ventures between Columbia and Allianz to $2.3 billion
Columbia Property Trust, Inc. (NYSE: CXP) and Allianz Real Estate today announced that they have completed the formation of a joint venture to recapitalize 221 Main Street in San Francisco. Allianz contributed cash of $180 million for a 45% ownership interest in the joint venture, which values 221 Main Street at $400 million. Consistent with most of the other ventures between Columbia and Allianz, Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset.
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221 Main Street, a fully-leased, 381,000-square-foot office building in San Francisco’s South Financial District, is now part of an