NEW YORK, April 21, 2025 /PRNewswire/ -- Ocean West Capital Partners ("Ocean West") led the successful UCC foreclosure of 285 Madison Avenue last week, a 511,000 square-foot office property primely located in Midtown Manhattan near Grand Central Terminal. Ocean West represented the mezzanine lender, which was comprised of a consortium of some of the largest insurance companies in South Korea.
While the property remains well leased and in one of the top performing submarkets in the U.S., Midtown Manhattan, the loan fell into maturity default in late 2022. Originally the loan was extended to provide time for recovery, but it came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the Korea-based mezzanine lender and evaluate various debt recovery strategies.
With Manhattan office leasing trends improving dramatically and increased investment activity in the market, the mezzanine lender concluded that its strongest course of action was to exercise its foreclosure rights and invest new capital to take control of the property. Ocean West will remain involved throughout the investment hold period to oversee the asset.
"We believe that the quality of the building, the vibrancy of the market, and our cost basis will provide a strong opportunity to enhance cashflows and create value over time," indicated Ryan Tucker, Principal at Ocean West. The property boasts a desirable Madison Avenue address just one block from Grand Central Terminal, and during a recent renovation, over $80 million was invested in the property to fully modernize the building and enhance the amenity program, which includes a rooftop deck and event space, conferencing center, and onsite gym.
The acquisition of 285 Madison through UCC foreclosure is part of more than $2 billion of New York City assets upon which Ocean West has either acquired or advised upon for Korean institutional investors in the past 12 months. "We have seen a change in tenor from the Korean lending community whereby they have become more aggressive in protecting assets located in strong markets. These investors represent some of the largest insurance companies and pension funds in the world, who have capital to execute a wide variety of strategies", said Phil Choi, Principal and Co-Founder of Ocean West.
DLA Piper LLP represented the mezzanine lender throughout the process and was instrumental in formulating and executing the foreclosure strategy. Newmark managed the UCC auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.
For office leasing inquiries, please contact Daniel Levine (daniel.levine@nmrk.com) and Dylan Weisman (dylan.weisman@nmrk.com) at Newmark.
For retail leasing inquiries, please contact Adam Weinblatt (adam.weinblatt@nmrk.com) and Jason Pruger (jason.pruger@nmrk.com) at Newmark.
Ocean West Capital Partners is a full-service real estate investment and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors. Since its founding in 2010, Ocean West has acquired and operated industrial, office, and residential investments, completing over $8.5 billion in commercial real estate transactions.
For press information please contact John Weiss, 213-784-1131, jweiss@oceanwestcp.com
Photo - https://mma.prnasia.com/media2/2668713/Ocean_West_Capital_Partners_Manhattan.jpg?p=medium600
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
KOREAN LENDERS AND OCEAN WEST CAPITAL PARTNERS FORECLOSE ON MIDTOWN MANHATTAN OFFICE BUILDING
Thousands of Performances and Events Presented in More Than 190 Countries
Chicago to Host 15th Anniversary International Jazz Day in 2026
ABU DHABI, UAE, May 2, 2025 /PRNewswire/ -- The 14th annual International Jazz Day culminated in a rousing All-Star Global Concert from Etihad Arena in the host city of Abu Dhabi, UAE. The concert, hosted by Academy Award-winning actor Jeremy Irons and led by Herbie Hancock, featured world-renowned artists from 14 countries including Dee Dee Bridgewater, Etienne Charles, Kurt Elling, Ruthie Foster, José James, John McLaughlin, Hélène Mercier, Danilo Pérez, John Pizzarelli, Dianne Reeves, David Sánchez, Arturo Sandoval, Janis Siegel, Varijashree Venugopal and others. Watch for free at jazzday.com.
At the All-Star Global Concert, UNESCO officials announced that Herbie Hancock's hometown of Chicago, USA will host the 15th anniversary International Jazz Day celebration in 2026.
On the morning of April 30, a remarkable Opening Ceremony was held at Qasr Al Watan, the Palace of the Nation. Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism, officially welcomed International Jazz Day to Abu Dhabi. The event featured remarks by UNESCO Assistant Director-General for Culture Ernesto Ottone and Jeremy Irons, acclaimed stage, film and television actor. Highlights included a moving solo performance of "Maiden Voyage" by Herbie Hancock and a stirring presentation of traditional Arabic music by local artists.
Highlights of the All-Star Global Concert included Dee Dee Bridgewater performing a groove-driven version of "The Thrill Is Gone" with John McLaughlin and John Pizzarelli. World-renowned concert pianist Hélène Mercier of Paris and emerging talent A Bu of Beijing united two continents in a dazzling duo piano performance of George Gershwin's "Rhapsody in Blue"—a classical tribute to the spirit and rhythm of jazz. Arturo Sandoval, David Sánchez and Danilo Pérez honored Dizzy Gillespie with their electrifying performance of "Tin Tin Deo."
John McLaughlin brought his mind-blowing jazz fusion to his original composition "As The Spirit Sings." Dianne Reeves, known for her emotive vocal prowess and jazz interpretations, delivered a poignant rendition of "Someone to Watch Over Me." José James infused The Rolling Stones' classic "Miss You" with his unique blend of soul and swagger. Jazz Day 2025 concluded with its traditional finale of John Lennon's "Imagine," the universal anthem for peace, bringing the audience to its feet in a celebration of unity through music.
Jazz Day 2025 celebrations in Abu Dhabi included dozens of community outreach programs, bringing the magic of jazz to young children and aspiring professionals at venues including Berklee Abu Dhabi, Bait Al Oud and the Cultural Foundation. In partnership with the Culture Summit Abu Dhabi, the program included a special concert at the Louvre Abu Dhabi and a thought-provoking panel conversation between Herbie Hancock and Financial Times CEO John Ridding. Around the world, thousands of performances, masterclasses, jam sessions, education and community programs took place in more than 190 countries.
Each year on April 30, International Jazz Day brings together countries and communities worldwide to promote peace and unity, dialogue among cultures and respect for human dignity. International Jazz Day was adopted by the UNESCO Member Nations on the initiative of UNESCO Goodwill Ambassador Herbie Hancock, who co-chairs the annual celebration with UNESCO Director-General Audrey Azoulay.
The Department of Culture and Tourism Abu Dhabi served as the International Jazz Day 2025 Host City Partner, with major global support provided by the Doris Duke Foundation. United, the International Jazz Day Global Airline Partner, provided air transportation and additional support for artists and educators.
Clickable Link to Photo/Video Assets
www.jazzday.com
www.unesco.org/en/international-jazz-day
Video - https://mma.prnewswire.com/media/2678363/Herbie_Hancock_performs_his_iconic_jazz_fusion.mp4
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
International Jazz Day 2025 Worldwide Celebration Culminates with Thrilling All-Star Global Concert from Abu Dhabi, United Arab Emirates
