Daishin Securities, a Korean financial services company, has acquired a New York office tower for $194.5m (€171m).

ASB Real Estate Investments said it sold the 180,000sqft office building at 400 Madison Avenue on behalf of its $7.3bn Allegience Real Estate Fund.

The 21-storey building, located between 47th and 48th streets, near Grand Central Station, was constructed in 1929.

ASB acquired the building in 2012 before refurbishing it and bringing in new tenants.

Brodie Ruland, ASB senior vice president, said: “We took the opportunity to harvest the investment after successfully enhancing the building through our value-add strategy and taking advantage of buyer interest in securing a core asset in a prime Midtown location.”