Hines acquires KRW320 bil office building in Seoul

Harry Lee, country head of South Korea at Hines, claims that Seoul office spaces remain to be just one of Hines’ high certainty locations. He adds: “Given the property’s site and solid leasing fundamentals, we’re affirmative about the price the property can bring to both investors and workplace occupants.”

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

“Hines views sustainability as a valuation creation approach. Energy performance gauges reduce operational fees, and catering to occupant wellness has actually been good for leasing. We’re confident that Hanssem will be another example of just how we’re able to replicate success,” Lee says.

US-based global real estate investment supervisor Hines has already obtained an office building in Seoul, South Korea, the firm announced on Oct 14.

While Hines did not disclose the financial conditions of the deal, multiple Korean reports outlets reported in August that the property had actually been sold for KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.

Meyer Blue showflat location

Hines has apparently gotten 87% of the preferred stock in Gravity General Private Realty Investment Firm No. 8.

The structure was bought from Hanssem, one of the largest furniture producers in South Korea. Hanssem is going to preserve its headquarters at the property under an extensive lease.

Hines prepares to achieve the LEED Operation and Maintenance Gold license by boosting its sustainability performance. LEED stands for Leadership in Energy and Environmental Design, a globally utilized green building score system.

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


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