ARA Asset Management Limited (ARA) said that its Korea subsidiary has completed the acquisition of Parc1 Tower II, a landmark office tower in Seoul, Korea, via a new private real estate fund managed by ARA Korea (REF) Limited.
ARA said the transaction, valued at over KRW 1 trillion (approx. US$897 million), is slated to be the largest single asset transaction in Korea this year.
“We are pleased to extend our longstanding partnership with NH Investments and Securities (NH I&S) to acquire Parc1 Tower II, an iconic, brand new development located in a core area of Yeouido Business District in Seoul. Given its prime location, we expect strong leasing demand, with NH I&S pre-committing to more than one-third of the tower’s gross lettable area. We are confident that it will attract other high quality tenants with its state-of-the-art facilities, excellent location and accessibility relative to other comparable buildings in Seoul,” said Anthony Kang, CEO of ARA Korea.
Located within Yeouido Business District, the property is one of the two newly-constructed landmark office towers within the Parc1 mixed-use complex designed by famed architect Lord Richard Rogers. Currently the 5th tallest office building in Seoul, it comprises 53 stories and 162,216 sqm of gross floor area.
The landmark office tower in Seoul is adjacent to both Yeouido Park and Han River Park, a location that provides a rare combination of natural outdoor space and bustling business activity and, easily accessible from all major locations in the city via public transport.
Parc1 is rated Grade 1 in G-SEED (Green Standard for Energy and Environmental Design) with smart Building Energy Management System (BEMS). It boasts eco-friendly and energy savings systems, including charging spotsfor electric cars, use of green energy such as geothermal energy, combined heat and power plants, fuel cells, and solar power, to minimise the building’s carbon footprint.
The property also features a 15.8m distance between the cores and walls, column-free construction to maximise space, and is built to withstand earthquakes of up to 7.0 magnitude on the Richter scale and strong wind speeds of up to 70m/s, providing an efficient work environment and safety to its tenants and the community.
ARA Korea has been appointed as the sole asset manager of the property.