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JP Morgan sells landmark AT&T tower to Korean investors for $500m
Transactions - SEPTEMBER 25, 2019

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JP Morgan sells landmark AT&T tower to Korean investors for $500m

by Kali Persall

JP Morgan’s asset management arm is selling a Manhattan office tower to a joint venture comprised of Samsung and a Korean investor for $500 million, according to The Korea Economic Daily.

The 29-story landmark building, located at 195 Broadway, is the former AT&T headquarters in Manhattan, where the first transatlantic phone call was made in 1927, reports Mingtiandi.

Samsung SRA Asset Management and Korea Investment & Securities will pick up JP Morgan’s 95 percent stake in the property, which it acquired from L&L Holding for $500 million in 2013. L&L will retain its 5 percent ownership.

To help finance the buy, the companies reportedly are launching one of the largest open-end funds in South Korea for cross-border property investment, which will target approximately $160 million. Samsung has already raised approximately $40 million from institutional investors, and the companies will look to borrow the remaining $300 million

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