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Korean government buys building.

The American Institute of Physics(AIP) has sold its headquarters building located at 335-East 45th Street, New York, to The Government of the Republic of Korea. AIP had resided there for more than 35 years.

Julien Studley, chairman, and L. Craig Lemle, managing director, of Julien J. Studley, Inc. represented the seller in the transaction. Acting internally on behalf of AIP was Arthur Bent, the organization's treasurer.

According to Lemle, the Korean government selected this site because of its proximity to the United Nations.

The Korean government, according to the Studley brokers, plans to demolish the four-story, 44,000-square-foot structure, and replace it with an 80,000-square-foot high rise.

AIP, along with two kindred organizations, the American Physical Society and American Association of Physics Teachers, is building a new 120,000-square-foot headquarters facility in suburban Washington, D.C. Occupancy is scheduled for the fall of 1993. Studley also represented the associations in this transaction.

AIP will maintain some functions in the New York region including its publishing center on Long Island.
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Title Annotation:Banking & Finance; 335 East 45th Street, New York, New York
Publication:Real Estate Weekly
Date:Apr 21, 1993
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