Hines acquires KRW320 bil office building in Seoul
Harry Lee, state head of South Korea at Hines, claims that Seoul office spaces continue to be just one of Hines’ high certainty areas. He adds: “Granted the building’s site and good leasing components, we’re affirmative concerning the market value the possession can offer either investors and workplace occupants.”
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft all over 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting business.
While Hines did not disclose the monetary terms of the arrangement, multiple Korean news outlets revealed in August that the building 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.
This is Hines’ second business office investment in the nation. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
“Hines sees sustainability as a market value creation strategy. Energy efficiency marks lessen working costs, and catering to renter wellness has benefited leasing. We’re positive that Hanssem is going to be another good example of exactly how we have the ability to replicate success,” Lee says.
Hines has apparently acquired 87% of the preferred shares in Gravity General Private Real Estate Investment Firm No. 8.
The building was bought from Hanssem, one of the leading home furniture makers in South Korea. Hanssem will keep its headquarters at the building beneath an extensive lease.
US-based international realty assets manager Hines has recently acquired an office building in Seoul, South Korea, the business publicized on Oct 14.
Hines plans to accomplish the LEED Operation and Maintenance Gold license by boosting its sustainability performance. LEED stands for Leadership in Energy and Environmental Design, an internationally utilized environment-friendly property rating system.