RSQUARE, a commercial real estate services firm, has launched the sale process for the Cheongdam Hugel Building owned by Koramco Asset Management.
RSQUARE announced Tuesday that it has formed a consortium with Cushman & Wakefield and Genstar Mate to jointly handle advisory services for the sale of the Cheongdam Hugel Building. The consortium will begin identifying potential buyers and initiating the sale process this month.
The Cheongdam Hugel Building is an office building with two basement floors and eight above-ground floors, located at 17 Samseong-ro 133-gil, Gangnam-gu, Seoul. Completed in 2003, the property has a site area of 803.8 square meters and a gross floor area of 4,307.5 square meters. Situated within a three-minute walk from Cheongdam Station on Subway Line 7, the building offers strong accessibility and is regarded as being in a prime location, featuring the upscale Cheongdam-dong commercial district and the business infrastructure of the Gangnam area.
Biotech firm Hugel currently occupies the entire building but plans to relocate to a new headquarters at the end of this year. As a result, the buyer will be able to use the entire building as a dedicated corporate headquarters after acquisition. Remodeling the lower floors into retail or medical facilities to enhance rental yields is also an option.
RSQUARE plans to leverage its proprietary database and corporate network to identify strategic investors (SI) seeking to acquire headquarters properties in the Gangnam area. "The Cheongdam Hugel Building is a prime standalone headquarters property with vacancy confirmed by the end of the year," said Lee Yong-seok, head of the acquisition and sales division at RSQUARE. "We will identify the optimal buyer and lead the sale to completion."
