The commercial real estate market in Orange County is incredibly interesting and has gone through some pretty big changes as of late. In the latest big upheaval, Allianz has acquired 45% of Park Place, which has given them the opportunity to own a significant share of one of the most popular mixed-use office campuses of the state. The transaction was executed by Allianz Real Estate of America. It was a joint venture between Allianz, Principal Real Estate Investors, and LBA Realty. The exact details of the deal have been kept secret.
Park Place is around 2.7 million square feet in size and is a mixed-use type of commercial real estate property. Tenants are of very high quality, and they have instant access to onsite retail, restaurants, and residential facilities. There is now also a boutique hotel within the facility. Allianz has focused particularly on the office campus, which contains six assets and is around 2.2 million square feet in size.
Interestingly, this is the first time that Allianz Real Estate has invested in the state of California.
We are delighted that this development underscores our commitment to investing in sustainable properties alongside the best owners and operators in their respective markets and asset classes.
Park Place is a highly popular complex. It is committed to environmental sustainability and has received LEED Gold EB status in this regard.
LEED, or Leadership in Energy and Environmental Design, is changing the way we think about how buildings and communities are planned, constructed, maintained and operated. Leaders around the world have made LEED the most widely used third-party verification for green buildings, with around 1.85 million square feet being certified daily.
Everybody in Southern California knows about Park Place. At the same time, Allianz is one of the most respected investors on the planet. As a result, it is no surprise that others were very interested in joining in this venture. This is precisely what attracted LBA Realty to the deal.
Incorporating Allianz into this joint venture was a natural fit. We have worked together on other investments and commercial mortgage financings.
Park Place has been fully redeveloped over the past few years, which has helped to significantly reduce its carbon footprint. They have achieved this through the creation of a large sustainable environment, various recycling and water conservation programs, and other ways for boosting energy efficiency. The backdrop of the complex, which reaches 105 acres, was a master plan to create a distinguished feel for residents and tenants alike. About 90% of Park Place is currently leased to financial service, creative, and technology companies, as well as to global corporate headquarters.
Allianz, meanwhile, is one of the strongest financial communities in the world. They offer both asset management and insurance services. The company has a presence in 70 different countries, employing around 142,000 staff members. Their operating profit stands at 10.7 billion euros, and their revenues have reached a total of 125.2 billion euros. Additionally, they have a 640 billion euro investment portfolio. Furthermore, their asset managers, which are PIMCO and Allianz GI, are managing around 1.3 trillion euros. They have a wide focus in various areas, such as debt, equity, renewable energy, infrastructure, and real estate.
Their real estate element, meanwhile, manages assets and real estate investments across the world. They execute and develop personalized investment strategies and portfolios for various Allianz companies. These include commercial mortgage loan financing, where this latest acquisition fits in the best. Their New York office manages a $13 billion portfolio and has a presence in 30 metro markets, including industrial, real estate, multi-family, and office buildings. This is the first time, however, they have considered California as a good market.