April 25, 2024

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[THE INVESTOR] Meritz RE Asset Management has invested 220 billion won (US$182.72 million) in two US buildings that Google occupies, according to Maeil Business News on Dec. 22.

Moffett Gateway in Sunnyvale, CA

Early this month, the real estate subsidiary of Meritz Financial Group, along with South Korean insurers, invested over 120 billion won in Moffett Gateway, a two-tower, seven-story office complex in Silicon Valley. 

Google has signed a 10-year lease in July to occupy the 56,924 square meter property, the largest amount in 2016. Mertiz has acquired senior secured loans with 5 percent expected rate of return. 

It joined hands with homegrown institutional investors and invested 100 billion won in 82 10th Avenue in New York as well. 

Built in 1913, the 11-story Manhattan office building has been revamped and Google is the main occupant since 2014. The asset manager has purchased mezzanine bonds with an expected 6 percent rate of return. 

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