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Allianz Pays $235.3 Million to Increase Ownership in San Francisco Portfolio

Columbia Property Trust Sells Additional 22.5% Stake in Wells Fargo Building, University Circle in East Palo Alto to JV Partner
February 20, 2018
Allianz Real Estate paid $235.3 million to joint venture partner Columbia Property Trust (NYSE: CXP) to increase its stake in the Wells Fargo Building in downtown San Francisco and University Circle in East Palo Alto by an additional 22.5 percent.

Columbia Property Trust completed a $395.25 million deal back in late 2012 to acquire the 33-story 657,115-square-foot Wells Fargo Building at 333 Market St. in downtown San Francisco, roughly seven years after the firm bought the three-building, 451,000-square-foot University Circle office park at 1900-1950 University Ave. in East Palo Alto for $293 million.

Seeking to acquire more office properties in its core markets without resorting to issuing stocks or raising leverage, Columbia formed a joint venture with Allianz to pursue Class-A office acquisitions in certain U.S. markets.

This past July, Allianz Real Estate, Munich, Germany-based Allianz Group's real estate investment and asset management arm, bought an initial 22.5 percent stake in the Wells Fargo Building and University Circle portfolio from Columbia Property Trust for $234 million, while also selling a 49.5 percent interest in 114 Fifth Ave. in New York to Columbia for $108.9 million.

With its latest purchase, Allianz now owns a 45% stake in the Wells Fargo Building/University Circle portfolio.

For additional information on the sale, please reference CoStar Comp #4137536.
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