Hines acquires KRW320 bil office building in Seoul

Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft throughout 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.

While Hines did not publish the economic conditions of the agreement, multiple Korean reports outlets disclosed in August that the property had been brought KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.

Harry Lee, state head of South Korea at Hines, states that Seoul office spaces continue to be one of Hines’ high certainty areas. He includes: “Given the structure’s spot and good leasing fundamentals, we’re affirmative regarding the market value the property can bring to both investors and workplace occupants.”

“Hines sees sustainability as a valuation creation method. Energy conservation measures lessen working fees, and catering to tenant wellness has benefited leasing. We’re certain that Hanssem is going to be another sample of how we’re able to reproduce success,” Lee states.

This is Hines’ 2nd business office investment in the country. In June 2022, the company got the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.

Hines has already apparently acquired 87% of the preferred stock in Gravity General Private Property Investment Firm No. 8.

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The building was bought from Hanssem, one of the leading home furniture makers in South Korea. Hanssem will maintain its main office at the building under an extended lease.

Hines plans to attain the LEED Operation and Maintenance Gold certification by improving its sustainability performance. LEED stands for Leadership in Energy and Environmental Design, an internationally made use of environment-friendly establishment rating system.

US-based international property investment supervisor Hines has already acquired an office complex in Seoul, South Korea, the business revealed on Oct 14.


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