Transactions - JUNE 7, 2016

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South Korean investor buys stake in Manhattan office

by Andrea Waitrovich

CBRE Global Investors, on behalf of the $90 billion Korea Post Savings, a South Korean state-run investment fund, has acquired a 47 percent stake in the office located at 7 W. 34th St. in Manhattan for $263.7 million. The seller, Vornado Realty Trust, retains the remaining 53-percent ownership stake.

The 12-story office building totals 470,000 square feet. It is 100 percent occupied by Amazon, which signed a 17-year lease.

The acquisition follows the pension fund’s recent RFP for global real estate fund managers to direct core real estate investments in the United States and Canada.

In 2015, Korea Post acquired the Midtown I and II in Atlanta for $251.6 million from VEREIT and MacFarlan Capital Partners. And in 2013, the organization acquired the office property located at 161 N. Clark St. in Chicago f

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