This article was published on the ChosunBiz MoneyMove (MM) site at 10:24 a.m. on Sep. 12, 2025.
IGIS Asset Management is again pursuing the sale of the newly built Opus (OPUS)407 building on the former New York Bakery site near Gangnam Station in Seoul, about a year after first attempting to sell it.
According to investment banking (IB) industry sources on the 12th, IGIS Asset Management recently selected Jones Lang LaSalle (JLL) Korea and Savills Korea as advisors for the sale of Opus407. This comes about a year after IGIS Asset Management first sought to sell the building in June last year. At that time, IGIS Asset Management had planned to proceed with sale talks if a potential buyer emerged, without appointing advisers. However, a suitable bidder did not appear, and this time the firm has appointed advisers and is proceeding with the sale again.
Opus407 is a building with two basement levels and 15 floors above ground located at 407 Gangnam-daero, Seocho-gu, Seoul. With a total floor area of 6,353.28 square meters, the building is a one-minute walk from Exit 10 of Gangnam Station, where subway line 2 and the Shinbundang Line intersect. It is the site where New York Bakery, once a Gangnam landmark, was located, and its last major tenant was Eight Seconds, a casual brand of Samsung C&T's fashion division.
At the end of 2019, IGIS Asset Management acquired the building from an individual owner for 690 million won per 3.3 square meters (pyeong), a total of 142 billion won. It attracted attention as a representative Gangnam landmark acquired at a rather high price. IGIS Asset Management acquired it through IGIS Private Real Estate Investment Trust No. 330, and the fund matures on Nov. 27, 2026.
IGIS Asset Management initially adopted a build-to-core strategy, acquiring assets in prime locations to participate from the development phase and hold them long term. It commissioned TAEYOUNG E&C for construction, carried out reconstruction starting in 2020, and completed the new building in 2023. However, it has since shifted from a long-term holding strategy and is pursuing a sale.
An IB industry official said, "While there are other advantages such as proximity to a transit hub, the main selling point is that it is a scarce new building within the Gangnam business district (GBD)," adding, "Considering last year's expected sale price, the value is expected to be around 200 billion won."