Allianz has invested EUR342 million ($523 million) for a 49% interest in an office condominium in New York’s 30 Hudson Yards office building. This transaction will make New York the fifth most significant city for Allianz Real Estate, globally, in terms of total exposure.

The acquisition, completed by Allianz Real Estate on behalf of several Allianz group insurance companies, follows the purchase of a 44% stake in 10 Hudson Yards, the first tower completed in the Hudson Yards development on Manhattan’s West Side, in mid-2016 for EUR375 million.

The sale-leaseback agreement that Allianz entered is part of a consortium alongside Related Companies and a third-party investor, who have acquired the remainder of the office condominium.

The condominium in 30 Hudson Yards consists of 1,463,234 gross sq ft across 26 floors.

A 2.6 million sq ft tower across 90 floors, 30 Hudson Yards is the second-tallest office building in New York, and has the highest outdoor observation deck in the city. At 1,296 ft tall, the building has river-to-river panoramic views, outdoor terraces, a triple-height lobby, direct access to restaurants and retailers, and a concourse connection to the new No. 7 subway station.