Hines acquires KRW320 bil office building in Seoul

The structure was purchased from Hanssem, one of the biggest furniture manufacturers in South Korea. Hanssem will preserve its head office at the property following an extended lease.

While Hines did not reveal the economic terms of the transaction, multiple Korean news avenues reported in August that the building had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit following Korean investment company Gravity Asset Management.

Hines intends to attain the LEED Operation and Maintenance Gold certification by improving its sustainability performance. LEED ranks for Leadership in Energy and Environmental Design, a worldwide utilized eco-friendly establishment rating system.

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Harry Lee, country head of South Korea at Hines, says that Seoul office spaces continue to be one of Hines’ high conviction areas. He includes: “Given the property’s place and strong leasing elements, we’re positive about the value the asset can offer both investors and business office occupants.”

This is Hines’ second business office investment in the country. In June 2022, the company acquired the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.

Hines has apparently acquired 87% of the preferred stock in Gravity General Private Real Estate Investment Firm No. 8.

US-based international realty assets manager Hines has recently attained an office building in Seoul, South Korea, the company announced on Oct 14.

Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building takes up over 710,418 sq ft throughout 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.

“Hines views sustainability as a valuation creation strategy. Energy conservation gauges minimize working fees, and catering to occupant wellness has benefited leasing. We’re confident that Hanssem will be another sample of how we have the ability to duplicate success,” Lee states.