SEOUL, KOREA - The Simone consortium will acquire a landmark building in Washington, D.C. According to asset management sources on May 28, Simone Investment is set to take over the Washington Harbour Building owned by a U.S. real estate development company jointly with Principal Global Investors LLC, an asset management company. The purchase price is estimated at about 400 billion won.
It is the second occasion for Simone Investment to acquire an office building overseas, followed last year by a purchase of an office building in Houston previously leased to oil field services company Weatherford International. Simone Investment is 100 percent owned by Simone Corp., a Korean company specializing in original design manufacturing for international fashion brands such as Michael Kors, Coach, and Burberry.
The 51,800-square-meter Washington Harbour is a Class-A mixed-use development, located on the southern bank of the Potomac River 2 kilometers west of the White House. Most tenants in the building are law firms of which 70 percent are long-term leasees with longer than 20 years.
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