Five Crescent Drive | Philadelphia, PA
Located in the Philadelphia Navy Yard, Five Crescent Drive is a Robert A.M. Stern-designed trophy office building. This double LEED Platinum property was developed by previous owner Liberty Property Trust (NYSE: LPT), and is fully leased to GlaxoSmithKline, plc.
Coretrust, as its U.S. asset manager, guided Korea Investment Management (KIM) on its acquisition of Five Crescent Drive in May 2018. Established in 1974, KIM is the first and one of the largest asset management companies in Korea. As of June 2017, KIM had approximately US $35.4 billion under management. Five Crescent Drive was its second direct investment in Philadelphia.
Coretrust continues to oversee KIM’s investment in Five Crescent Drive as its U.S. asset manager and is actively researching other investment opportunities for the firm.