Korea Investment Management Buys Glaxo Smith Kline HQ, Another Philadelphia Property
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.
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.