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
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SINGAPORE, May 20, 2026 /PRNewswire/ -- At ATxSummit 2026, hosted by the Infocomm Media Development Authority of Singapore (IMDA), Minister for Digital Development and Information Mrs Josephine Teo unveiled new global partnerships and initiatives to strengthen Singapore's position as a leading AI hub. These announcements mark a shift from exploring AI tools to building, deploying and governing real-world AI systems that deliver impact. As recently highlighted by the Economic Strategic Review committee, Singapore aims to be a trusted hub to develop, test and deploy AI solutions that solve real-world problems at scale.
Singapore Government and eight industry leaders to research, test and deploy physical AI in Punggol Digital District
IMDA, JTC and the Singapore Institute of Technology (SIT) are collaborating with eight industry leaders to bring physical AI into the real world at Punggol Digital District (PDD). Launching later in 2026, the testbed will be Singapore's first scaled mixed-use public space for multi-use case and multi-operator physical AI deployments. Certis, DHL, Grab and QuikBot will be among the first to co-design, deploy, test and validate commercially viable robotics services, including food and parcel delivery, cleaning and security patrolling, to complement human operations. The testbed is facilitated with the Land Transport Authority (LTA) through a precinct-level exemption framework under the Active Mobility Act.
To strengthen Singapore's embodied AI (EAI) capabilities, IMDA and National Robotics Programme (NRP) will work with FieldAI and Thoughtworks, alongside companies like Slamtec, Unitree, and QuikBot, to develop and trial EAI use cases through SIT's new Centre for Intelligent Robotics at PDD.
Strengthening Singapore's AI Research Frontier
To sharpen Singapore's manufacturing advantage, NVIDIA is launching its Singapore AI research lab, its second research presence in Asia Pacific, focused on embodied and efficient AI with university researchers, industry partners, and government.
The lab will focus on two domains with manufacturing potential: Embodied AI, enabling intelligent systems to perceive, reason and act in the physical world, and Efficient AI computing, which optimises models and infrastructure to reduce compute costs, improve energy efficiency and support scalable AI deployment.
Accelerating AI for Public Good: New Industry Partnerships
The Ministry of Digital Development and Information (MDDI) and Google announced a new National AI partnership to expand collaboration with the Singapore Government. The partnership aims to harness frontier AI to address societal challenges, fostering an AI-ready workforce in Singapore, and creating a secure, trusted ecosystem.
MDDI and OpenAI signed a Memorandum of Understanding (MOU) on the "OpenAI for Singapore" initiative to strengthen Singapore as a hub for applied AI innovation. The MOU covers advancing applied AI innovation, building AI talent, and making AI accessible to citizens, enterprises and the public sector, backed by OpenAI's over S$300 million commitment to Singapore's AI ecosystem.
Building the foundations for trusted, scalable AI deployment
Singapore is advancing ecosystem-wide initiatives to support AI adoption in high-trust sectors like finance and the public sector, where reliability, governance and safety are critical.
Temus, a Temasek-established AI and digital transformation firm, will launch an AI Foundry to help enterprises scale AI solutions and develop talent pipelines. Supported by Digital Industry Singapore (DISG), the Foundry will hire 50 professionals and deploy them on enterprise projects including financial services and precision health.
A*STAR Institute for Infocomm Research (A*STAR I2R) is updating the MERaLiON (Multimodal Empathetic Reasoning and Learning in One Network) AI Model to advance capabilities, drive real-world use cases, and scale adoption. The updated MERaLiON AudioLLM v3 will deliver paralinguistic intelligence across Southeast Asian languages. MERaLiON will be available through cloud hosting, API access, and edge computing, including Apple silicon devices such as Mac and iPad.
Governance that keeps pace with AI
Singapore continues to take a practical, risk-based approach. Two initiatives reflected this approach:
- Updated Model AI Governance Framework for Agentic AI: First launched at the World Economic Forum in January 2026, the Model AI Governance Framework for Agentic AI ("MGF") has been updated with real-world case studies and new best practices contributed by over 50 organisations.
- Google Whitepaper on AI Agents: Google worked with CSA, GovTech Singapore, and IMDA to explore how AI agents can be safely and effectively used in the real world. The resulting Whitepaper provides guidance for governments looking to harness AI agents for public good.
As Singapore grows its AI ecosystem, these initiatives will help translate innovation to real-world impact, strengthening Singapore's position as a trusted global AI hub where businesses, researchers and governments can develop, test and deploy AI solutions at scale.
Minister for Digital Development and Information Mrs Josephine Teo attended an ASEAN-US AI Ministerial Roundtable on the sidelines of ATxSummit today. Bringing together ASEAN Digital Ministers, the ASEAN Secretariat, the US government, and industry leaders from Amazon and Google, the Roundtable marked the launch of "The Road to 50 Years of ASEAN-US Relations" under the ASEAN-US Comprehensive Strategic Partnership. Discussions centred on inclusive AI adoption across the region.
For more information on ATxSG, please visit asiatechxsg.com.
Media: atxsg.imda@archetype.co
SINGAPORE, May 20, 2026 /PRNewswire/ -- At ATxSummit 2026, hosted by the Infocomm Media Development Authority of Singapore (IMDA), Minister for Digital Development and Information Mrs Josephine Teo unveiled new global partnerships and initiatives to strengthen Singapore's position as a leading AI hub. These announcements mark a shift from exploring AI tools to building, deploying and governing real-world AI systems that deliver impact. As recently highlighted by the Economic Strategic Review committee, Singapore aims to be a trusted hub to develop, test and deploy AI solutions that solve real-world problems at scale.
Singapore Government and eight industry leaders to research, test and deploy physical AI in Punggol Digital District
IMDA, JTC and the Singapore Institute of Technology (SIT) are collaborating with eight industry leaders to bring physical AI into the real world at Punggol Digital District (PDD). Launching later in 2026, the testbed will be Singapore's first scaled mixed-use public space for multi-use case and multi-operator physical AI deployments. Certis, DHL, Grab and QuikBot will be among the first to co-design, deploy, test and validate commercially viable robotics services, including food and parcel delivery, cleaning and security patrolling, to complement human operations. The testbed is facilitated with the Land Transport Authority (LTA) through a precinct-level exemption framework under the Active Mobility Act.
To strengthen Singapore's embodied AI (EAI) capabilities, IMDA and National Robotics Programme (NRP) will work with FieldAI and Thoughtworks, alongside companies like Slamtec, Unitree, and QuikBot, to develop and trial EAI use cases through SIT's new Centre for Intelligent Robotics at PDD.
Strengthening Singapore's AI Research Frontier
To sharpen Singapore's manufacturing advantage, NVIDIA is launching its Singapore AI research lab, its second research presence in Asia Pacific, focused on embodied and efficient AI with university researchers, industry partners, and government.
The lab will focus on two domains with manufacturing potential: Embodied AI, enabling intelligent systems to perceive, reason and act in the physical world, and Efficient AI computing, which optimises models and infrastructure to reduce compute costs, improve energy efficiency and support scalable AI deployment.
Accelerating AI for Public Good: New Industry Partnerships
The Ministry of Digital Development and Information (MDDI) and Google announced a new National AI partnership to expand collaboration with the Singapore Government. The partnership aims to harness frontier AI to address societal challenges, fostering an AI-ready workforce in Singapore, and creating a secure, trusted ecosystem.
MDDI and OpenAI signed a Memorandum of Understanding (MOU) on the "OpenAI for Singapore" initiative to strengthen Singapore as a hub for applied AI innovation. The MOU covers advancing applied AI innovation, building AI talent, and making AI accessible to citizens, enterprises and the public sector, backed by OpenAI's over S$300 million commitment to Singapore's AI ecosystem.
Building the foundations for trusted, scalable AI deployment
Singapore is advancing ecosystem-wide initiatives to support AI adoption in high-trust sectors like finance and the public sector, where reliability, governance and safety are critical.
Temus, a Temasek-established AI and digital transformation firm, will launch an AI Foundry to help enterprises scale AI solutions and develop talent pipelines. Supported by Digital Industry Singapore (DISG), the Foundry will hire 50 professionals and deploy them on enterprise projects including financial services and precision health.
A*STAR Institute for Infocomm Research (A*STAR I2R) is updating the MERaLiON (Multimodal Empathetic Reasoning and Learning in One Network) AI Model to advance capabilities, drive real-world use cases, and scale adoption. The updated MERaLiON AudioLLM v3 will deliver paralinguistic intelligence across Southeast Asian languages. MERaLiON will be available through cloud hosting, API access, and edge computing, including Apple silicon devices such as Mac and iPad.
Governance that keeps pace with AI
Singapore continues to take a practical, risk-based approach. Two initiatives reflected this approach:
- Updated Model AI Governance Framework for Agentic AI: First launched at the World Economic Forum in January 2026, the Model AI Governance Framework for Agentic AI ("MGF") has been updated with real-world case studies and new best practices contributed by over 50 organisations.
- Google Whitepaper on AI Agents: Google worked with CSA, GovTech Singapore, and IMDA to explore how AI agents can be safely and effectively used in the real world. The resulting Whitepaper provides guidance for governments looking to harness AI agents for public good.
As Singapore grows its AI ecosystem, these initiatives will help translate innovation to real-world impact, strengthening Singapore's position as a trusted global AI hub where businesses, researchers and governments can develop, test and deploy AI solutions at scale.
Minister for Digital Development and Information Mrs Josephine Teo attended an ASEAN-US AI Ministerial Roundtable on the sidelines of ATxSummit today. Bringing together ASEAN Digital Ministers, the ASEAN Secretariat, the US government, and industry leaders from Amazon and Google, the Roundtable marked the launch of "The Road to 50 Years of ASEAN-US Relations" under the ASEAN-US Comprehensive Strategic Partnership. Discussions centred on inclusive AI adoption across the region.
For more information on ATxSG, please visit asiatechxsg.com.
Media: atxsg.imda@archetype.co
** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **
Singapore Deepens AI Ecosystem with Global Collaborators to Accelerate Real-World Deployment
