Daishin Securities Acquires NYC Office Tower for $195M
ASB Real Estate Investments sold the 21-story landmarked Midtown office asset on behalf of its $7.3 billion Allegiance Fund, its core investment vehicle.
By Holly Dutton
400 Madison Ave.
Daishin Securities, a South Korean investor, has acquired 400 Madison Ave. in New York City from ASB Real Estate Investments for $194.5 million. ASB completed the transaction on behalf of its Allegiance Real Estate Fund, a $7.3 billion investment arm.
The 21-story landmarked office building located in Midtown was built in 1929 and was purchased by ASB in 2012. The company completed renovations of the common areas, façade and office suites of the 180,000-square-foot asset.
“We took the opportunity to harvest the investment after successfully enhancing the building through our value-add strategy and taking advantage of buyer interest in securing a core asset in a prime Midtown location,” said Brodie Ruland, senior vice president at ASB, in a prepared statement.
Earlier this year, ASB, on behalf of its Allegiance Fund, sold the landmarked Capella Tower and adjoining Star Tribune office building in Minneapolis to Shorenstein Properties for $255 million.
Image courtesy of ASB
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