JLL (NYSE: JLL) today announced that it advised Blackstone (NYSE: BX), the world’s largest alternative asset manager, on the sale of Arc Place, a marquee office asset located in Seoul, South Korea.
JLL acted as sole agent for Blackstone throughout the sale process of Arc Place, which was purchased by Koramco REITs Management & Trust Co. Ltd. (“Koramco”), a Korean-based real estate firm specialising in the acquisition, development and management of real estate assets through establishment of REITs and trusts, for KRW791,669,725,000 ($587.8 million).
“Seoul’s office market is well-established as one of Asia Pacific’s most resilient and perennially attractive asset classes for both global and domestic Korean investors. We’re delighted to have partnered with Blackstone in advising on this strategic transaction in the tightly-held and highly-sought Seoul office sector,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL.
Arc Place is located at 142 Teheran-ro, one of Korea’s most desirable and busiest commercial addresses, located in the Gangnam Business District of Seoul. The occupancy of Arc Place is currently 100%, owing to its position as a favourable location for many global and domestic technology corporations. The 24-storey building was completed in 1998 and comprises of a gross floor area (GFA) of 62,725.31 sqm and six underground floors.
“Arc Place is one of the most attractive assets in Gangnam and the successful sale reinforces the area’s status as one of the leading Asia Pacific business districts. We continue to see broad interest in Seoul’s office market from a diverse cross-section of international investors, given high occupancy rates and fairly balanced supply, which we expect to continue” says Keehoon Lee, Senior Director, Capital Markets, Korea, JLL.
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