Korean investor buys NYC office for $195m

ASB Real Estate Investments has sold 400 Madison Avenue, a 180,000-square-foot office building near Grand Central Station, for $194.5 million to Daishin Securities, a Korean financial services company. ASB completed the transaction on behalf of its Allegiance Real Estate Fund, a $7.3 billion open-end, core investment vehicle.

The 21-story landmarked building, located between 47th and 48th streets, was constructed in 1929 and purchased by ASB in 2012. ASB completed a common area renovation, façade overhaul, and a spec suite program, which positioned 400 Madison as a best-in-class boutique building, attracting a mix of tenants seeking commuting convenience through Grand Central station.