Hines acquires KRW320 bil office building in Seoul

The building was purchased from Hanssem, one of the biggest household furniture producers in South Korea. Hanssem is going to preserve its headquarters at the establishment beneath an extensive lease.

Located at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft all over 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.

This is Hines’ second office space investment in the country. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.

Hines prepares to attain the LEED Operation and Maintenance Gold certificate by improving its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an around the world made use of environment-friendly building ranking system.

Hines has reportedly obtained 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.

While Hines did not reveal the financial terms of the agreement, multiple Korean reports channels disclosed in August that the structure had actually been brought KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit following Korean investment firm Gravity Asset Management.

Tembusu Grand floor plan

“Hines views sustainability as a valuation creation method. Energy conservation measures reduce operational costs, and catering to tenant wellness has actually been good for leasing. We’re confident that Hanssem is going to be another example of how we have the ability to replicate results,” Lee claims.

US-based global real estate investment manager Hines has already obtained an office complex in Seoul, South Korea, the business released on Oct 14.

Harry Lee, state head of South Korea at Hines, says that Seoul workplaces remain to be among Hines’ high certainty areas. He adds: “Granted the property’s place and good leasing fundamentals, we’re positive about the market value the possession can bring to either investors and business office occupants.”


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