CBRE Global Investors has bought a 47% interest in a Manhattan office and retail asset for Korea Post.
The 7 W 34th Street office and retail building was sold by Vornado Realty Trust, which holds the remaining 53%.
The 477,143 sqft asset, renovated in 2014 and 2015, is CBRE GI’s third deal in the US for Korea Post and its first for the mandate in New York’s Manhattan district.
Jeffrey Torto, senior managing director of CBRE GI’s US managed accounts group, said: “West 34th Street is undergoing a commercial reinvention drawing hundreds of thousands of people to this live, work, play neighbourhood.
“The level of development along W 34th Street is unprecedented in the history of New York, and 7 W 34th Street is at the centre of this significant east-west corridor.”
CBRE GI last year bought two office assets in the US for Korea Post.
The investment manager bought the Midtown I and II office buildings in Atlanta.
The properties, both considered core class-A buildings, total 794,110 sqft and are fully let to AT&T.
In 2013, CBRE Global Investors bought 161 N Clark Street, a 49-storey trophy-quality office building located in downtown Chicago, on behalf of a group of Korean investors led by Korea Post.