Seoul prime office market sees major property transactions

Seoul’s prime office market is experiencing significant property transactions despite rising borrowing costs and a broader investment slowdown. A major deal was recently finalized as Igis Asset Management was selected as the preferred bidder to acquire the K-Twin Towers in central Seoul from Samsung SRA Asset Management for 1.05 trillion won ($782 million).

The K-Twin Towers, located in the Gwanghwamun area, maintains full occupancy with tenants such as Microsoft Korea and Woori Card. The sale price represents a significant increase from Samsung SRA’s 2018 acquisition cost of 713.2 billion won.

Additionally, Mirae Asset Global Investments has put the State Tower Namsan up for sale. Bids for the landmark property are expected in early November, with a preferred bidder anticipated in early 2025. The property is projected to fetch at least 800 billion won.