Hines acquires KRW320 bil office building in Seoul
Harry Lee, state head of South Korea at Hines, says that Seoul office spaces remain to be among Hines’ high sureness locations. He includes: “Granted the building’s place and solid leasing fundamentals, we’re affirmative about the value the property can give both investors and workplace renters.”
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex utilizes over 710,418 sq ft throughout 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting firms.
Hines has actually apparently obtained 87% of the preferred stock in Gravity General Private Realty Investment Firm No. 8.
This is Hines’ second office space investment in the nation. In June 2022, the business acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
US-based multinational realty assets manager Hines has already gotten an office building in Seoul, South Korea, the business announced on Oct 14.
The structure was purchased from Hanssem, one of the leading household furniture manufacturers in South Korea. Hanssem will maintain its main office at the property beneath a long-term lease.
“Hines sees sustainability as a value creation method. Energy performance measures lessen serviceable costs, and catering to occupant wellness has benefited renting. We’re confident that Hanssem will likely be another sample of just how we’re able to duplicate success,” Lee states.
While Hines did not reveal the financial conditions of the agreement, numerous Korean reports outlets revealed in August that the building had actually been sold for KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
Hines prepares to attain the LEED Operation and Maintenance Gold license by improving its sustainability efficiency. LEED sets for Leadership in Energy and Environmental Design, an internationally utilized green establishment score system.
