April 25, 2024

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[THE INVESTOR] IGIS Asset Management has joined hands with institutional investors including major South Korean insurance companies to invest 150 billion won (US$128.39 million) in Google's office building in New York, according to Maeil Business Newspaper on Nov. 13.

They will invest in the form of mezzanine debt financing with an expected annual rate of return between four to six percent.

Established in 1913, 85 10th Avenue is an 11-story office building located in meatpacking district in Manhattan with a gross area of 58,987 square meter. Formerly occupied by Nabisco, the building has been primarily used by Google since 2014.

The area is recently enjoying a boom attracting startups, to earn the nickname Silicon Alley, and a blue chip office building with a global enterprise under a long-term lease, is seen the right investment target for insurance companies that focus more on stable profit than making money from selling a property, said a source in investment banking. 

By Hwang You-mee (glamazon@heraldcorp.com)