PHILADELPHIA, PA—Korea Investment Management, in its second major acquisition in the Philadelphia market, has acquired 5 Crescent Drive, a 208,000-square-foot office building in the Navy Yard, from Liberty Property Trust for $130.5 million or $628 per square foot. In February 2016, KIM purchased the 870,000-square-foot Cira Square in University City.
Designed by renowned architect Robert A.M. Stern, 5 Crescent Drive received the first double LEED Platinum rating in Philadelphia from the US Green Building Council. The four-story office building and adjacent surface parking area was completed in 2013 and is fully leased to global pharmaceutical company GlaxoSmithKline through 2028. KIM has selected the Philadelphia office of CBRE as the property manager, while Coretrust will manage KIM's investment in the property.
“We are very pleased to advise KIM on its second major acquisition in Philadelphia and look forward to directing the operations of this outstanding property,” says Coretrust principal Randall Scott.
Korea Investment Management is a wholly owned subsidiary of Korea Investment Holdings, one of the largest investment and securities firms in Korea. The firm has the capacity and interest to make additional direct acquisitions in top-tier U.S. markets, according to Scott.
Coretrust Capital Partners currently owns and/or manages more than two million square feet in Philadelphia, including the iconic 940,000-square-foot Two Liberty Place.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
