This article was posted on the ChosunBiz MoneyMove (MM) site at 2:46 p.m. on Sep. 22, 2025.
Doban Building near Gyeongbokgung Station in Jung-gu, Seoul, has been listed for sale. Multiple prospective buyers are said to be interested as its stable tenant structure and the affordable price typical of mid-sized assets coincide. Doban Building is regarded as a high-quality asset with an anchor tenant leasing the entire building on a long-term basis.
On the 22nd, investment banking sources said KB Asset Management began full-scale marketing toward potential buyers to sell Doban Building. Deloitte Anjin and NAI Korea were selected as the sales advisers. It is understood that domestic and foreign financial investors (FI) and strategic investors (SI), including real estate specialist asset managers, have received a teaser memo (TM). A TM is a document to confirm potential buyers' interest before distributing an information memorandum (IM).
Doban Building is a mid-sized office with six basement levels and 15 aboveground floors, a site area of 1,263.10㎡, and a total floor area of 13,007.82㎡. KB Asset Management purchased Doban Building from Singaporean asset manager Keppel Asset Management in 2021 for about 100 billion won. Currently, Doban Oriental Hospital is the responsible tenant and occupies the entire building under a lease. The responsible tenant's contract runs until 2031, making it an asset that can secure stable rental revenue.
Doban Building is an asset that can be used as a company headquarters or repositioned through conversion. That means the buyer can use the entire area according to its purpose. An industry source said, Doban Building is an asset that can be fully vacated under seller responsibility, so the buyer can freely use the entire area immediately after acquisition according to its purpose and strategy, and added that it could also be repurposed into offices or a hotel.
Recently, the northern Seoul office market has recorded successive successful deals. Many buyers are showing interest in mid-sized offices. Premier Place, located at the entrance to Cheonggye Plaza, drew more than 10 bidders at the end of last month. More than six domestic and foreign investors submitted bid proposals for Namsan Sowol Tower (formerly SK Namsan Green Building) near Seoul Station, making it a competitive process.
An industry source said that because the central business district is concentrated with only super-large buildings and future supply of mid-sized offices is expected to be limited, the scarcity of convertible mid-sized offices will be further highlighted, and noted that with recent increases in Seoul's tourism demand and rising average daily rates (ADR) for hotels in the CBD, a high level of scarcity is also expected if hotel development proceeds.