Korean investor buys Philadelphia office building
Coretrust Capital Partners, as U.S. asset manager for Korea Investment Management Co., (KIM), has advised KIM in the acquisition of 5 Crescent Drive, a 208,000-square-foot office building in the Navy Yard submarket of Philadelphia.
The seller was Liberty Property Trust.
KIM purchased the entire fee-simple interest in 5 Crescent Drive for $130.5 million or $628 per square foot.
This is the second major property acquisition for KIM in Philadelphia, following its February 2016 purchase of the 870,000-square-foot Cira Square in University City.
It is a four-story office building with an adjacent surface parking area. It was completed in 2013 by LPT and is fully leased to global pharmaceutical company GlaxoSmithKline, plc through 2028.
Korea Investment Management Co., Ltd. is a wholly owned subsidiary of Korea Investment Holdings, Co., Ltd., which is among the largest investment and securities firms in Korea.
