This article was posted on the ChosunBiz MoneyMove (MM) site at 4:24 p.m. on Feb. 23, 2026.
Pebblestone Asset Management is seeking to sell Pinnacle Yeoksam 2 (formerly Usin Building), an office asset in Seoul's Gangnam business district (GBD). It has been about five years since it was acquired. The single beneficiary of the fund that owns Pinnacle Yeoksam 2 is the Hong Kong-based asset manager Pacific Alliance Group (PAG), and PAG is said to want a sale price of about 300 billion won.
According to investment banking industry sources on the 23rd, Pebblestone Asset Management recently sent a request for proposal (RFP) for the sale of Pinnacle Yeoksam 2 to major real estate consultancies and accounting firms. It plans to finish selecting advisors next month and begin formal sales procedures.
Pinnacle Yeoksam 2 is an office building located in Yeoksam-dong, Gangnam-gu, Seoul, with six basement floors and 18 aboveground floors and a gross floor area of 16,695.82 square meters. Its former name was Usin Building, and Pebblestone Asset Management bought it in June 2021 for a total of 167.9 billion won.
At the time of acquisition, the price per pyeong (3.3 square meters) was about 33 million won, but immediately after the acquisition the building's interior was completely reconfigured leaving only the framework, carrying out major reconstruction work that greatly raised the investment unit price. Including remodeling costs, the estimated investment unit price per pyeong is about 45 million won.
One strength of Pinnacle Yeoksam 2 is its high exclusive-use ratio of 65%. Through the major reconstruction process it secured an exclusive-use ratio far higher than that of typical office buildings (45–55%). A high exclusive-use ratio gives tenants more usable space and better space efficiency, and allows landlords to maximize rental revenue, creating an advantageous position at the time of sale.
In fact, in recent transactions in Seoul's Gangnam area, assets boasting high exclusive-use ratios have been sold at high prices one after another. A representative example is Case Square Gangnam 2, which Koramco REITs Management and Trust sold to Asung Daiso Co. That building, based on its high exclusive-use ratio (70%), was sold at 53.5 million won per pyeong. This is the second case among GBD office sales in which the price per pyeong exceeded 50 million won. Earlier, Scale Tower, purchased by Hyundai Motor Group, traded at about 54 million won per pyeong.
Industry participants say the increased investment unit price of Pinnacle Yeoksam 2 will be a factor determining the success of the sale. Because the desired sale price has risen due to the remodeling costs, it is expected that potential buyers will be limited.
An investment banking industry official said, "Considering PAG, the single beneficiary of the fund, and its hurdle rate, the price per pyeong likely needs to exceed 50 million won," and noted, "Marketing focused on strategic investors (SI) is likely."