KOREAN LENDERS AND OCEAN WEST CAPITAL PARTNERS FORECLOSE ON MIDTOWN MANHATTAN OFFICE BUILDING

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

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KOREAN LENDERS AND OCEAN WEST CAPITAL PARTNERS FORECLOSE ON MIDTOWN MANHATTAN OFFICE BUILDING

BERLIN, Sept. 28, 2026 /PRNewswire/ -- At IFA 2026 in Berlin, visitors encountered the usual showcase of processors, displays, connected devices and technical specifications. But at the Metapen booth, the emphasis was less on watching technology and more on using it.

The approach reflects a broader change in consumer electronics. As products become more sophisticated, specifications alone do not always communicate their value. For many consumers, the first few seconds of using a product can be more revealing than a presentation.

A stylus is a good example. Its physical form is familiar, but its applications extend beyond traditional writing. Children can draw and explore digital creativity; students can take notes and annotate documents; professionals can sketch ideas, sign documents or work directly on a tablet.

At Metapen's IFA booth, one young visitor provided a simple illustration. A girl picked up a stylus and began interacting with the screen while her family watched nearby. There was no complicated explanation required. She simply started creating.

That interaction highlights an important principle in product design: technology does not always need to demand attention. When a stylus responds naturally, users can focus on what they want to write, draw or create rather than on how technology works.

Metapen has built its business around the stylus category, developing products for devices including iPad, Surface and Chromebook. Its lineup covers everyday digital writing as well as pressure-sensitive applications for drawing and creative work. The company focuses on making digital writing and creation more accessible through functionality, design and affordability.

This positioning reflects how the stylus market is evolving. Rather than treating a pen simply as an accessory to a tablet, Metapen presents it as part of the user experience—the point where hardware, software and human creativity meet.

The opportunity goes beyond the stylus. As digital learning, work and creative activities become part of everyday life, products that make technology feel more natural can play an increasingly important role.

IFA remains a place for companies to demonstrate technical innovation. But moments like the one at Metapen's booth suggest another way of evaluating technology: not only by what is inside a product, but by what happens when someone picks it up for the first time.

Sometimes, the most convincing product demonstration is simply watching someone use it—and enjoy the experience.

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More Than a Stylus: How Hands-On Experiences Are Changing the Way Consumer Electronics Are Presented