Hines acquires KRW320 bil office building in Seoul
The establishment was bought from Hanssem, one of the biggest home furniture makers in South Korea. Hanssem is going to keep its head office at the property beneath an extensive lease.
Hines prepares to achieve the LEED Operation and Maintenance Gold license by improving its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, a worldwide used green building score system.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft across 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
US-based multinational realty assets supervisor Hines has already gotten an office building in Seoul, South Korea, the business released on Oct 14.
Hines has already reportedly gotten 87% of the preferred shares in Gravity General Private Property Investment Company No. 8.
While Hines did not reveal the economic terms of the arrangement, several Korean reports channels disclosed in August that the structure had actually been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit following Korean investment company Gravity Asset Management.
Harry Lee, state head of South Korea at Hines, states that Seoul workplaces remain to be among Hines’ high conviction locations. He adds: “Granted the property’s place and solid leasing elements, we’re affirmative about the value the possession can offer both investors and business office tenants.”
This is Hines’ second business office investment in the country. In June 2022, the company got the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
“Hines views sustainability as a valuation creation method. Energy performance gauges reduce working expenses, and catering to tenant wellness has been good for leasing. We’re confident that Hanssem will likely be another example of just how we’re able to duplicate results,” Lee states.