Meritz Real Estate Asset Management Co. pooled in Korean pension fund operators and insurance firms to invest 260 billion won ($226 million) in 245 Park Avenue, an iconic building in New York City, the U.S., according to investment bank industry sources on Monday.

For the deal, Meritz Real Estate Asset Management created a real estate fund and had it purchase a mezzanine debt backed by the 245 Park Avenue building from JP Morgan. The fund would mature in 10 years and deliver an expected annual return of around 5 percent.

The landmark 44-story building in Manhattan was built in 1967 and commands a floor area of nearly 160,000 square meters. Its tenant includes global financial firms Societe Generale and JP Morgan as well as U.S.’s Major League Baseball. Their remaining lease period averages at 10 years, guaranteeing steady returns for the investment.

The 245 Park Avenue is owned by China’s HNA Group whose business spans from aviation to financial services. The Chinese firm acquired the skyscraper in New York City at around $2.2 billion in May last year. It is the fourth building in Manhattan that was traded at the price above $2 billion after General Motors Building, 3 Bryant Park, and 11 Madison Avenue.

By Kang Doo-soon and Song Gwang-sup

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