Hines acquires KRW320 bil office building in Seoul
US-based global realty assets supervisor Hines has already acquired an office building in Seoul, South Korea, the business announced on Oct 14.
Hines has actually reportedly obtained 87% of the preferred shares in Gravity General Private Realty Investment Company No. 8.
This is Hines’ second business office financial investment in the country. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Located at 179 Seongam-ro, Mapo-gu, Seoul, the office building occupies over 710,418 sq ft throughout 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting firms.
While Hines did not disclose the monetary terms of the transaction, several Korean news outlets revealed in August that the structure had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.
Hines plans to attain the LEED Operation and Maintenance Gold certification by improving its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, an internationally utilized eco-friendly establishment rating system.
The building was purchased from Hanssem, one of the biggest home furniture manufacturers in South Korea. Hanssem will maintain its headquarters at the establishment following a long-term lease.
Harry Lee, state head of South Korea at Hines, states that Seoul workplaces remain to be just one of Hines’ high certainty areas. He adds: “Given the structure’s location and solid leasing elements, we’re affirmative about the price the possession can bring to either financiers and office occupants.”
“Hines sees sustainability as a value creation approach. Energy efficiency gauges reduce working fees, and catering to tenant wellness has actually been good for renting. We’re confident that Hanssem is going to be another sample of exactly how we’re able to duplicate success,” Lee says.