Hines acquires KRW320 bil office building in Seoul

The building was bought from Hanssem, one of the biggest household furniture makers in South Korea. Hanssem will maintain its head office at the establishment following a long-term lease.

US-based international property investment supervisor Hines has obtained an office complex in Seoul, South Korea, the company announced on Oct 14.

Harry Lee, country head of South Korea at Hines, says that Seoul office spaces continue to be just one of Hines’ high sureness areas. He adds: “Granted the structure’s location and good leasing fundamentals, we’re affirmative regarding the value the property can bring to either investors and office renters.”

This is Hines’ 2nd office financial investment in the nation. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.

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

Lumina Grand condo

“Hines views sustainability as a value creation strategy. Energy performance gauges lessen serviceable costs, and catering to occupant wellness has been good for leasing. We’re positive that Hanssem is going to be another example of exactly how we’re able to reproduce success,” Lee says.

Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft all over 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting firms.

Hines plans to accomplish the LEED Operation and Maintenance Gold certificate by boosting its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, a worldwide made use of environment-friendly property rating system.

While Hines did not publish the financial terms of the transaction, multiple Korean reports channels revealed in August that the structure had actually been sold for KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit following Korean investment firm Gravity Asset Management.


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