Korea Trade Group Invests $200M in Park Avenue Renovation

The Korea International Trade Association is funding a major overhaul of its 22-story Manhattan building at 460 Park Avenue.

Updated on Nov. 9, 2026 in Commercial

Photograph of a bare steel-framed Manhattan office tower under renovation, with new glass panels rising on lower floors among neighboring towers in warm late-afternoon light. — The Korea International Trade Association is investing $200 million to renovate its 22-story Hahn Kook Center at 460 Park Avenue in Manhattan. AI Illustration. Upload story photo >

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The Korea International Trade Association is investing $200 million to renovate the Hahn Kook Center, a 22-story building at 460 Park Avenue in Manhattan. The project follows New York City's January 2025 selection of the property for its Manhattan Commercial Revitalization Program.

Why it matters

The building, constructed in 1954, is more than 70 years old and needs modernized facilities. The redevelopment is tied to New York City's M-CORE initiative, launched in 2023 to modernize aging office buildings.

The Korea International Trade Association is investing $200 million, a figure that compares with the $14.66 million it paid for the building in 1974. Park Avenue's direct office vacancy rate was 2.2 percent in the first quarter of 2026, and the source does not detail the project's full financing structure.

The players

Korea International Trade Association (KITA)

KITA is the South Korean trade organization that owns the Hahn Kook Center and is funding its renovation.

Skidmore, Owings & Merrill

Skidmore, Owings & Merrill is a major architecture firm leading the design of the Hahn Kook Center renovation.

The details

The renovation will strip the building back to its original steel structure and add a new glass facade with floor-to-ceiling windows. Skidmore, Owings & Merrill is leading the architecture, and the redesign includes modernized elevators and advanced air-handling systems.

1954: The Hahn Kook Center was built.
1967: KITA opened its New York office.
1974: KITA acquired the building for $14.66 million.
January 2025: New York City selected the property for the M-CORE program.
Early 2029: The renovation is expected to be completed.

Commercial Revitalization

The project is one of the buildings selected under New York City's M-CORE program, launched in 2023 to modernize aging office stock. It extends that citywide effort into a single Park Avenue tower that predates the modern office standards it is being upgraded to meet.

The renovation will add approximately 32,500 square meters of leasable office space once completed, expected in early 2029. The planned 1,200 square meter startup incubation facility on the third floor will offer dedicated space for early-stage companies.

The takeaway

Aging Manhattan office towers are being rebuilt rather than replaced, with a focus on modern systems and flexible space. Renovations like this one show how older buildings can be brought up to current standards while keeping their existing structure.