Wednesday, May 9, 2018

Korean Investment Group Wins Bidding for GSK's Navy Yard Office Building in Philadelphia

Liberty Property Trust sold the 207,779-square-foot office building at Five Crescent Drive in Philadelphia's Navy Yard to a unit of Korea Investment Management Co. Ltd. for $130.5 million, or approximately $628 per square foot.

Designed by Robert A.M. Stern Architects, the building is leased in its entirety to pharmaceutical company GlaxoSmithKline through 2028.

With its joint venture partner, Synterra Partners, Liberty has developed 1.6 million square feet of office and industrial space at the massive Navy Yard redevelopment. The two firms are currently developing 1050 Constitution Avenue for Axalta Coatings Systems in the Navy Yards project.

This is the second major property acquisition for the Korean investment firm in Philadelphia, following its February 2016 purchase of the 870,000-square-foot Cira Square in University City.

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