Cira Square | University City Philadelphia, PA
Immediately adjacent to Amtrak’s 30th Street Station, Cira Square was formerly the Philadelphia Main Post Office, and is listed on the National Register of Historic Places. The Art Deco complex was converted to modern office space during a $252 million renovation by previous owner Brandywine Realty Trust (NYSE: BDN), and fully leased to the General Services Administration as the Philadelphia Campus for the IRS.
Coretrust, as its U.S. asset manager, guided Korea Investment Management (KIM) on their acquisition of Cira Square in February 2016. Established in 1974, KIM is the first and one of the largest asset management companies in Korea. As of January 2016, KIM had approximately US $29.8 billion under management. Cira Square was its first direct investment in the United States.
Coretrust continues to oversee KIM’s investment in Cira Square as its U.S. asset manager and is actively researching other investment opportunities for the firm.