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Korean insurers chip in $160mn into Facebook`s Manhattan office

Collected: 2017.08.29

Distributed: 2017.08.30

Source: Go Direct

South Korea’s major insurers including Kyobo Life Insurance have agreed to join hands with Hangang Asset Management to invest a total of 180 billion won ($160 million) into Facebook`s Manhattan office in New York.

According to sources on Sunday, three major Korean insurers have agreed to chip in 180 billion won into a private fund to be raised by the Korean asset management house to buy mezzanine debt extended to the 225-233 Park Avenue South building located in Midtown Manhattan in New York.

The annual target return is around 5 percent.

The edifice founded in 1909 has a gross floor area of 63,000 square meters with two structures (19 floors and 12 floors). It was renovated last year. Facebook, which occupies nearly half of the building, uses it as its eastern US headquarters. Facebook’s tenancy will expire in 2027.

Midtown Manhattan has been home to global IT companies such as Apple, Google, Twitter and other Silicon Valley enterprises for their eastern US headquarters since 2010. The business district is more commercially active than Wall Street as many startups and venture companies are clustering to follow those industry leaders.

By Song Gwang-sup

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