Hines acquires KRW320 bil office building in Seoul
Harry Lee, state head of South Korea at Hines, states that Seoul offices remain to be one of Hines’ high sureness locations. He adds: “Granted the building’s spot and strong leasing components, we’re affirmative about the price the property can offer both financiers and business office renters.”
Hines intends to achieve the LEED Operation and Maintenance Gold certificate by enhancing its sustainability efficiency. LEED sets for Leadership in Energy and Environmental Design, a globally utilized eco-friendly establishment rating system.
While Hines did not publish the financial terms of the agreement, several Korean news avenues disclosed in August that the property had been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit following Korean investment firm Gravity Asset Management.
This is Hines’ second business office investment in the country. In June 2022, the company got the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Hines has already reportedly obtained 87% of the participating preferred stock in Gravity General Private Property Investment Firm No. 8.
US-based global property investment supervisor Hines has recently obtained an office building in Seoul, South Korea, the company revealed on Oct 14.
Located at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft all over 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
The building was bought from Hanssem, one of the largest household furniture producers in South Korea. Hanssem will maintain its head office at the establishment under an extensive lease.
“Hines sees sustainability as a market value creation approach. Energy conservation marks lessen operational costs, and catering to tenant wellness has actually been good for renting. We’re confident that Hanssem will be another example of how we have the ability to duplicate success,” Lee says.