DL E&C will relocate its headquarters to 'One Grove' in Magok, Gangseo District, Seoul. One Grove is located in the special district (CP4) within the Magok Urban Development Project at 768, 768-1 Magok-dong. The basement level 2 is occupied by Emart Traders, and Kyobo Bookstore has leased 1,500 square meters on the basement level 1 for its operations. Kyobo Bookstore plans to begin operations around March next year. The building is directly connected to Magok Station on Seoul Subway Line 5. Last month, DL E&C sold the D Tower in Dongnimmun, which it was using as its headquarters.

Hong Seung-hoon, the compliance RM manager at DL E&CC (on the right), receives a certificate of appreciation from Han Gi-jeong, the chairman of the Fair Trade Commission, at the CP Forum hosted by the Fair Trade Commission on Dec. 12. /Courtesy of DL E&CC

According to investment banking (IB) industry sources on the 24th, DL E&C is negotiating leasing prices with Aegis Asset Management, which manages and operates the building. An industry insider noted, “Negotiations have not been finalized yet, but DL E&C is prioritizing the transfer to One Grove and is in the final negotiations for the contract.”

A DL E&C official said, “The transfer has been confirmed, and other subsidiaries of DL E&C are likely to transfer to the current headquarters in Susong-dong used by Jongno District Office.”

One Grove, which was completed on Oct. 26, is a super-large office and commercial complex. With a total floor area of 463,098.48 square meters, it is equivalent to the size of three soccer fields. The building consists of four sections from the basement level 7 to the ground level 11. From basement level 2 to ground level 2, a complex shopping mall called One Grove Mall is set to open.

An industry insider stated, “Large corporations such as Emart Traders and Kyobo Bookstore have leased space in the shopping mall, and office leasing had been of interest in the industry, but the likelihood of DL E&C moving in has increased, revitalizing the office leasing market atmosphere in the Magok area.” The insider added, “As DL E&C, a large construction company, relocates its headquarters, the market's assessment that Magok is a viable location for the transfer of large corporate headquarters will spread.”

Earlier, in mid-last month, Marston Investment Management sold 'D Tower Dongnimmun,' which DL E&C used as its headquarters, to NH Nonghyup REITs for 895.3 billion won.