Los Angeles, CA – March 23, 2016 – Coretrust Capital Partners, LLC, as U.S. Asset Manager for Korea Investment Management (KIM), has advised KIM in the acquisition of Cira Square, an 863,000 square foot office building at 2970 Market Street in the University City submarket of downtown Philadelphia. The seller was Brandywine Realty Trust (NYSE: BDN). KIM purchased 100% of Brandywine’s ownership interest in Cira Square for $354,000,000 or $410 per square foot.
The building, formerly the Philadelphia Main Post Office, is listed on the National Register of Historic Places. It was completely renovated in 2010 by BDN and is fully leased to the GSA as a regional operations center for the IRS through 2030. Brandywine will retain property management, while Coretrust will manage KIM’s investment in the property. Coretrust principal Randall Scott said, “We are very pleased to be awarded this assignment and look forward to directing the operations of this outstanding property.”
Korea Investment Management is a wholly-owned subsidiary of Korea Investment Holdings, Ltd., which is among the largest investment and securities firms in Korea. Cira Square is KIM’s first U.S. investment. The firm has the capacity and interest to make additional direct acquisitions in top-tier U.S. markets, according to Scott.
Coretrust Capital Partners, founded in 2014 by three former executives of Thomas Properties Group, Inc. (NYSE: TPGI), is principally engaged in the acquisition, operation and re-positioning of large office assets through its Coretrust Value Fund I (CVFI), which it co-sponsored with Hawkeye Partners of Austin, TX. CVFI is a $200 million discretionary equity fund that closed in October 2015 and has the ability to expand up to $300 million and acquire up to $1.2 billion of properties. The firm is actively seeking value-add investment opportunities.
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