South Korean fund nears deal for 49% stake in Am上海贵族宝贝交流区 azon s Midtown HQ: sources Transaction would value Vornado property at nearly $600M
Korea Post, one of South Korea’s largest investment funds, is close to acquiring a 49 percent stake in a Midtown property almost fully occupied by Amazon, sources told The Real Deal.
Vornado Realty Trust, which owns the 477,000-square-foot building at 7 West 34th Street, tapped CBRE to market a stake in the property last year. The re上海千花网 al estate investment trust considered selling as much as 90 percent of the 12-story building, located near Fifth Avenue.
Sources familiar with negotiations said the stake sale, which is slated to close in June, would value the property at nearly $600 million, or north of $1,200 per square foot.
Korea Post is South Korea s state-run postal service. Its savings division, known as Korea Post Savings, oversees $90 billion in global investments. Though it has made only sporadic moves in the U.S. in recent years it purchased a Chicago office tower in 2013 and a pair of Atlanta office towers in November it recently announced pl上海千花社区 ans to commit $400 million to real estate acquisitions in the U.S. and Canada.
Last year, Korea Post signed a lease for its first Manhattan office, a nearly 3,000-square-foot space at Princeton International’s 150 East 52nd Street.
Representatives for Korea Post, Vornado and CBRE could not be reached for comment.
Amazon, the world s biggest online retailer in the world, signed a 17-year[……]