Hines acquires KRW320 bil office building in Seoul

Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft throughout 22 storeys. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting firms.

US-based global property investment manager Hines has recently acquired an office complex in Seoul, South Korea, the company revealed on Oct 14.

This is Hines’ second office investment in the nation. In June 2022, the business acquired the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.

Cuscaden Reserve condominium

Harry Lee, country head of South Korea at Hines, says that Seoul workplaces continue to be one of Hines’ high sureness areas. He includes: “Given the building’s location and good leasing components, we’re positive concerning the valuation the property can give either investors and business office lessees.”

“Hines sees sustainability as a value creation approach. Energy efficiency measures lessen serviceable fees, and catering to occupant wellness has benefited leasing. We’re certain that Hanssem will be another good example of just how we’re able to duplicate success,” Lee says.

Hines prepares to achieve the LEED Operation and Maintenance Gold certification by boosting its sustainability efficiency. LEED stands for Leadership in Energy and Environmental Design, an internationally used green establishment ranking system.

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

The establishment was bought from Hanssem, one of the leading home furniture producers in South Korea. Hanssem will keep its headquarters at the property under an extended lease.

While Hines did not display the financial terms of the transaction, numerous Korean news avenues disclosed in August that the building had been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit under Korean investment firm Gravity Asset Management.


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