Korean investment group buys Navy Yard building for $130M

Korea Investment Management Company (KIM) is making its mark in Philly—it just bought its second property in the city for $130.5 million.

The property, a 208,000-square-foot office building in the Navy Yard, is home to the headquarters of global pharmaceutical company, GlaxoSmithKline (GSK), who has leased the space through 2028, according to a statement from Coretrust Capital Partners, which facilitated KIM in the sale.

The building was designed by the New York-based firm, Robert A.M. Stern Architects. Stern’s Philly works include the Museum of the American Revolution and the Comcast Center.

This building is a four-story glass construction that was given a double LEED Platinum certification by the U.S. Green Building Council in Philly. It was completed in 2013 by Liberty Property Trust, who owned it until the recent sale.

This is the second Philly building KIM has purchased in recent years. In 2016 they bought the 870,000-square-foot Cira Square in University City. Cira Square, an historic building that was once home to a post office, sold for $354 million, according to Commercial Property Executive.

• Robert A.M Stern’s Museum of the American Revolution [Curbed Philly]
• Brandywine sells interest in historic Cira Square [CP Executive]