Global real estate consulting firm Cushman & Wakefield Korea announced on the 6th that it has been selected as the sales agent for 'Time Work Myeongdong,' located in the core commercial area of Myeongdong, Seoul.
'Time Work Myeongdong' is a mixed-use asset that spans approximately 37,286 square meters (about 11,000 pyeong) with 4 basement levels and 19 above ground floors, located on the main road of Namdaemun. The land area is 4,240 square meters, making it the largest in Myeongdong. It is recognized as the only office-retail-hotel complex in the Euljiro and Myeongdong areas.
Aegis Asset Management purchased the SK Myeongdong Building at 78 Namdaemunro in Jung-gu, Seoul, as a fund in 2019 and transformed it into Time Work Myeongdong.
The flagship store of global sports brand Lululemon, the largest in the Tongyang region, and Olive Young, a must-visit shopping destination for foreign tourists, are located there.
Cushman & Wakefield Korea estimates the expected sale price to be around 500 to 600 billion won.