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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New global report reveals how security technology is driving business efficiency, ROI, and data-driven decision-making for business leaders.
HAMILTON, New Zealand, Jan. 15, 2026 /PRNewswire/ -- Security technology is no longer just about protection. According to Gallagher Security's newly released 2026 Security Industry Trends Report, systems once designed primarily to manage risk are now quietly enabling smarter operations, better workplace experiences, and stronger business outcomes.
Drawing on global insights, the report shows how organizations are unlocking value, return on investment, and actionable intelligence from security infrastructure already in place.
Security as invisible infrastructure
From office doors to behind-the-scenes data, security technology has become a powerful force shaping how modern organizations operate.
The report reveals that security systems are being used to do more than keep people and property safe. As organizations look to work more effectively, these systems are helping leaders understand how people interact with spaces, where time and resources are gained or lost, and how everyday decisions affect performance - often without employees noticing.
"What's striking is how invisible this shift has been," says Mark Junge, Chief Executive of Gallagher Security. "Security sits quietly in the background of daily work life, yet it's increasingly helping organizations reduce friction and make better-informed decisions."
From operational necessity to business insight
The report highlights a growing realization that security has become a valuable source of business insight. By integrating security systems with other tools and analyzing the data, organizations are improving workflows, strengthening compliance, and supporting more flexible ways of working.
A key signal of this shift is an increased focus on return on investment. Rather than viewing security purely as a cost, organizations are assessing how these systems contribute to measurable outcomes, including time saved, smoother operations, and progress toward sustainability goals.
Security moves into the boardroom
As the role of security expands, so too does who is involved in security decisions. Once managed largely within specialist teams, security is now part of broader discussions involving IT, finance, facilities, and executive leadership, reflecting how deeply these systems are embedded in modern operations.
"The conversation has moved beyond preventing problems," Junge adds. "Security is now about enabling businesses by providing the data, confidence, and flexibility needed to adapt and perform."
The Gallagher Security Industry Trends Report 2026 is now available, offering a behind-the-scenes look at how security technology is shaping modern business.
About Gallagher Security:
A global leader in integrated security solutions that unlock customer value through the power of our people and products. From making sure people go home safely to their families each night, to helping organizations become more efficient, productive, and profitable. Trusted within the highest levels of national and local government, military, commercial, industrial, healthcare, transportation, academic organizations, and small businesses in 140 countries. Visit security.gallagher.com for more information.
New global report reveals how security technology is driving business efficiency, ROI, and data-driven decision-making for business leaders.
HAMILTON, New Zealand, Jan. 15, 2026 /PRNewswire/ -- Security technology is no longer just about protection. According to Gallagher Security's newly released 2026 Security Industry Trends Report, systems once designed primarily to manage risk are now quietly enabling smarter operations, better workplace experiences, and stronger business outcomes.
Drawing on global insights, the report shows how organizations are unlocking value, return on investment, and actionable intelligence from security infrastructure already in place.
Security as invisible infrastructure
From office doors to behind-the-scenes data, security technology has become a powerful force shaping how modern organizations operate.
The report reveals that security systems are being used to do more than keep people and property safe. As organizations look to work more effectively, these systems are helping leaders understand how people interact with spaces, where time and resources are gained or lost, and how everyday decisions affect performance - often without employees noticing.
"What's striking is how invisible this shift has been," says Mark Junge, Chief Executive of Gallagher Security. "Security sits quietly in the background of daily work life, yet it's increasingly helping organizations reduce friction and make better-informed decisions."
From operational necessity to business insight
The report highlights a growing realization that security has become a valuable source of business insight. By integrating security systems with other tools and analyzing the data, organizations are improving workflows, strengthening compliance, and supporting more flexible ways of working.
A key signal of this shift is an increased focus on return on investment. Rather than viewing security purely as a cost, organizations are assessing how these systems contribute to measurable outcomes, including time saved, smoother operations, and progress toward sustainability goals.
Security moves into the boardroom
As the role of security expands, so too does who is involved in security decisions. Once managed largely within specialist teams, security is now part of broader discussions involving IT, finance, facilities, and executive leadership, reflecting how deeply these systems are embedded in modern operations.
"The conversation has moved beyond preventing problems," Junge adds. "Security is now about enabling businesses by providing the data, confidence, and flexibility needed to adapt and perform."
The Gallagher Security Industry Trends Report 2026 is now available, offering a behind-the-scenes look at how security technology is shaping modern business.
About Gallagher Security:
A global leader in integrated security solutions that unlock customer value through the power of our people and products. From making sure people go home safely to their families each night, to helping organizations become more efficient, productive, and profitable. Trusted within the highest levels of national and local government, military, commercial, industrial, healthcare, transportation, academic organizations, and small businesses in 140 countries. Visit security.gallagher.com for more information.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Security is quietly reshaping modern business, says Gallagher Security's 2026 Industry Trends Report
Security is quietly reshaping modern business, says Gallagher Security's 2026 Industry Trends Report
