GenstarMate, a domestic commercial real estate services company, said on the 17th that it was selected as the lead manager for the sale of K-Finance Tower.
K-Finance Tower, located at 111-1, Namdaemun-ro 2-ga, Jung-gu, Seoul, is an office facility with one basement level and 13 above-ground floors, with a total floor area of 4,326 pyeong. The sale includes a nearby parking lot site of about 400 pyeong in land area (103 Namdaemun-ro 2-ga and two other lots), and the buyer can purchase the two assets either separately or as a package.
According to GenstarMate, the Myeong-dong area where K-Finance Tower is located is adjacent to major office and mixed-use development hubs such as Seoul Station, City Hall, Jongno, and Euljiro, and is a district where demand for business, tourism, food and beverage, and medical services is concentrated in a complex way.
Keppel Asset Management, the current owner, installed an electronic billboard on the building's exterior wall as part of a value-add strategy, and expects to generate additional income and provide publicity and branding effects for corporate headquarters tenants. The parking lot site included in the transaction (Sogong District 4, Zone 8) is currently undergoing permitting as an office facility, and depending on the buyer's development strategy, it can be used for multiple purposes such as an office facility or a hotel.
A GenstarMate official said, "The Myeong-dong area is a unique location within the central business district (CBD) of central Seoul where business, commercial, and tourism functions are in harmony, and it has significant potential for value appreciation with future development," adding, "By developing the parking lot site, the entire asset can be repositioned, and a wide range of buyer groups, including corporate headquarters tenants as well as hotel operators, are showing strong interest."
GenstarMate can provide comprehensive sell-side advisory based on capabilities across the real estate value chain, including property management (PM), lease management (LM), technical due diligence, and a research center. It recently won consecutive mandates for sale advisory on deals including Hyundai Motor Securities Building, BNK Digital Tower, SciCAN Holdings Tower, Emart Tower, and Courtyard Marriott Namdaemun.