This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:13 p.m. on Feb. 27, 2026.
Mastern Investment Management transferred the buyer position for a prime office development in Seongsu-dong, Seongdong District, Seoul, to Capstone Asset Management. It comes about 1 year and 4 months after it moved to pre-acquire the project, anticipating the growth potential of the Seongsu area, which has rapidly emerged as a new business district.
According to the investment banking (IB) industry on the 27th, Mastern Investment Management recently sold a prime office building in Seongsu-dong before completion. The acquirer is Capstone Asset Management, a domestic alternative investment manager. The transaction size is about 330 billion won, and the price per 3.3㎡ (pyeong) is around 36.4 million won.
The asset is an office building located in Seongsu-dong 2-ga, Seongdong District, Seoul. Construction began in Apr. 2023, with completion slated for Mar. The building will span six floors underground to 11 floors above ground, with a total floor area of about 30,000㎡. In particular, with a standard floor exclusive area exceeding 431 pyeong and a ceiling height reaching 3 meters, it is considered to have rare prime-grade specifications even within the Seongsu area. Its location adjacent to Seongsu Station on Subway Line 2 provides excellent public transportation access as a prime transit hub.
The Seongsu area has risen as a new business district as corporations in new growth industries such as information technology (IT), platforms, and content have concentrated their relocations and expansions there. Among Seoul's major business districts—central business district (CBD), Yeouido business district (YBD), and Gangnam business district (GBD)—it is cited as having the lowest vacancy rate. As demand from companies seeking to secure headquarters outpaces supply, it is also a region still seen as having strong potential for asset value appreciation.
Mastern Investment Management pre-acquired the asset for 310 billion won from AM Plus Asset Development in Jun. 2024, considering its prime location within the Seongsu area. It later recouped funds by transferring the buyer position ahead of the office's completion. Unlike the typical approach of selling after stabilization of leases post-completion, it opted for a pre-completion sale, an unusual case. Through this transaction, Mastern Investment Management is said to have achieved an internal rate of return (IRR) of about 40%.
Meanwhile, Mastern Investment Management is continuing active investment moves in the Seongsu area. In 2023, it acquired the asset at 279, Seongsu-dong 2-ga, and Musinsa Campus E1.