Hines acquires KRW320 bil office building in Seoul
Harry Lee, country head of South Korea at Hines, states that Seoul workplaces remain to be just one of Hines’ high certainty locations. He adds: “Granted the building’s spot and strong leasing components, we’re affirmative regarding the valuation the possession can offer both investors and business office occupants.”
Hines plans to achieve the LEED Operation and Maintenance Gold certificate by improving its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, a globally utilized green structure ranking system.
Lentoria Hong Leong Group & Mitsui Fudosan
US-based multinational real estate assets supervisor Hines has recently acquired an office complex in Seoul, South Korea, the firm released on Oct 14.
“Hines sees sustainability as a value creation approach. Energy conservation gauges reduce serviceable fees, and catering to occupant wellness has actually been good for leasing. We’re positive that Hanssem will be another good example of how we’re able to duplicate results,” Lee claims.
Hines has already apparently gotten 87% of the preferred shares in Gravity General Private Property Investment Company No. 8.
The building was purchased from Hanssem, one of the leading household furniture manufacturers in South Korea. Hanssem will maintain its headquarters at the building under a long-term lease.
This is Hines’ 2nd office space investment in the nation. In June 2022, the business obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
While Hines did not reveal the monetary terms of the agreement, several Korean reports channels reported in August that the structure had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft throughout 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.
