Hines acquires KRW320 bil office building in Seoul

Harry Lee, state head of South Korea at Hines, claims that Seoul offices continue to be one of Hines’ high certainty locations. He includes: “Given the structure’s spot and good leasing components, we’re affirmative about the value the possession can give both investors and office tenants.”

“Hines views sustainability as a value creation strategy. Energy performance gauges lessen operational expenses, and catering to occupant wellness has benefited leasing. We’re positive that Hanssem is going to be another good example of exactly how we have the ability to duplicate success,” Lee claims.

The establishment was purchased from Hanssem, one of the leading furniture makers in South Korea. Hanssem is going to maintain its headquarters at the property under an extensive lease.

J’Den Condo Singapore

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

Hines has apparently obtained 87% of the preferred stock in Gravity General Private Property Investment Firm No. 8.

Hines prepares to achieve the LEED Operation and Maintenance Gold certification by boosting its sustainability efficiency. LEED stands for Leadership in Energy and Environmental Design, an internationally made use of environment-friendly establishment rating system.

While Hines did not publish the monetary terms of the deal, numerous Korean news channels revealed in August that the property had actually been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.

US-based global realty investment manager Hines has already attained an office building in Seoul, South Korea, the business publicized on Oct 14.

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


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