EGIS Asset Management has transformed the Namsan Sowol Tower (formerly SK Namsan Green Building) in Jung-gu, Seoul, into a new appearance after 10 months of renovation. The dark green exterior was replaced with a bright ivory color, and a re-contract was signed with the tenant SK Telecom for more than five years.
According to investment banking (IB) industry sources on the 8th, EGIS Asset Management is expected to complete the renovation of the Namsan Sowol Tower, which started construction in October last year, by the end of this month. The Namsan Sowol Tower is a 20-story office building with a basement of four floors and a total floor area of 58,668.26 square meters, located near Seoul Station in Jung-gu, Seoul. EGIS Asset Management has owned it since 2012.
This remodeling aimed to improve the somewhat dark appearance into a bright and sophisticated image, creating a tenant environment suitable for a prime office. EGIS Asset Management carried out a remodeling of key common spaces such as the lobby and parking lot, while concurrently conducting expansion work to enhance asset utilization and revenue. The main entrance and lower floors were constructed with a full curtain wall.
Expansion work was conducted on the front and rear of the building to increase rental income generation capacity. Some parking areas were converted into leaseable space for office facilities, enhancing spatial usability. The company noted that the building's exclusive area ratio increased by about 4 percentage points through this project. Renovations were carried out in the building's interior, focusing on the lobby, reception, elevator hall, parking lot, and restrooms. An escalator was newly installed to improve mobility convenience.
Major common areas, including the parking lot and restrooms, were significantly improved through this project. In the case of the parking lot, the previously complicated mechanical parking system was completely dismantled and transformed into a self-parking system. New parking guidance equipment was introduced, and the signage system was improved, significantly enhancing parking safety and traffic flow efficiency.
The Namsan Sowol Tower is noted not only for its physical environment but also for its strong long-term leasing structure based on quality tenants. The master lease tenant SK Telecom possesses one of the highest credit ratings (AAA) in the country and recently signed a re-contract with EGIS Asset Management for over five years.
An EGIS Asset Management official said, "The Namsan Sowol Tower features a daycare for the children of tenants, exclusive fitness facilities, and dining spaces, which greatly enhances employee satisfaction," adding, "Given the location of the base station concentration facility that oversees the Jung-gu area, it has a strategically advantageous position for telecommunications companies."
With the completion of this remodeling, EGIS Asset Management will actively pursue the sale of the Namsan Sowol Tower. An EGIS Asset Management official stated, "This renovation has significantly increased the asset value of the Namsan Sowol Tower," and added, "The excellent physical specifications and the leasing structure with high-credit long-term tenants will synergize to establish it as a prime office with a rare 100% rental rate even within the city center."