South Korean fund buys GSK's Navy Yard HQ in second Philly acquisition

Korea Investment Management Co. has acquired the U.S. headquarters building of pharmaceutical giant GlaxoSmithKline at the Philadelphia Navy Yard, according to a release from asset manager Coretrust Capital Partners.

KIM bought the 208,000-square-foot 5 Crescent Dr. office building from Liberty Property Trust for $130.5 million, or $628 per square foot, Coretrust, which advised KIM on the deal, said in the release Tuesday.

The acquisition is Seoul-based KIM’s second in Philadelphia, after its February 2016 purchase of the 870,000-square-foot former 30th Street Station post office building, now an office building called Cira Square.

KIM was represented in the deal for 5 Crescent Dr. by commercial real estate firm CBRE.

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