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Sign in Sign up for a FREE subscriptionJR AMC buys $140m stake in N.Y. office building
South Korea–based JR AMC Co. has signed a $140 million agreement to buy a 49.9 percent stake in a New York office building from JPMorgan Asset Management, reported The Korea Economic Daily.
Once the deal is completed next month, the Korean asset manager will transfer the equity interest to JR Global REIT, a real estate investment trust listed on the Korea Exchange, within the year.
The 78,251-square-meter (tk-square-foot) property is located on 498 7th Avenue in Midtown Manhattan, the central portion of the New York City.
The stake in the office building will become JR Global REIT's second asset after the Finance Tower in Brussels.
