June 3, 2016
CBRE Global Investors’ U.S. Managed Accounts Group acquired a 47 percent interest in 7 W 34th St., a renovated Class A office and retail building in Manhattan. The stake was acquired on behalf of South Korea’s investment fund, Korea Post, from Vornado Realty Trust, which retains 53% of the partnership interest.
Though the deal’s value was undisclosed, local media reports share that the purchased valued the asset at approximately $600 million, or $1,200 per square foot. The 477,143 square foot, 12-floor property is in the Midtown South submarket. Significant renovations were made in 2014-2015 to the asset.
CBRE’s Darcy Stacom and Bill Shanahan represented Vornado. The transaction is CBRE Global Investors’ third in the United States on behalf of Korea Post.