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.
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.