Hines acquires KRW320 bil office building in Seoul
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office complex utilizes over 710,418 sq ft throughout 22 storeys. It is located in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
Harry Lee, state head of South Korea at Hines, says that Seoul offices remain to be one of Hines’ high sureness locations. He adds: “Granted the building’s site and solid leasing fundamentals, we’re positive regarding the price the property can give either investors and business office tenants.”
“Hines sees sustainability as a market value creation method. Energy performance measures lessen working fees, and catering to tenant wellness has benefited renting. We’re certain that Hanssem will be another good example of exactly how we’re able to reproduce results,” Lee states.
US-based international realty investment manager Hines has obtained an office building in Seoul, South Korea, the firm revealed on Oct 14.
While Hines did not display the monetary terms of the agreement, numerous Korean reports outlets reported in August that the property had actually been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.
This is Hines’ second office space financial investment in the nation. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
The building was purchased from Hanssem, one of the biggest home furniture makers in South Korea. Hanssem is going to maintain its headquarters at the establishment under a long-term lease.
Hines intends to accomplish the LEED Operation and Maintenance Gold license by boosting its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, an internationally made use of green structure score system.
Hines has reportedly obtained 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
