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New office building expected to meet increased tenant demand in prime business district
SEOUL, 7 February 2018 – Real estate consultancy JLL (NYSE: JLL) Korea been announced by Yeoksam PFV as the exclusive sales agent for Gangnam N Tower, one of the only two Grade A office projects to be completed in Seoul's Gangnam commercial district this year.
Located at 648-9 Yeoksam-dong, Gangnam-gu, Seoul, the Gangnam N Tower will span 51,132 square meters (15,467 pyung). Scheduled for completion in August 2018, the new 24-storey building presents a best-in-class design and tenant-centered specification with maximized office space utilization, abundant retail amenities and lavish green areas. Over 500 square meters of green parks and 110 meters high rooftop garden create healing and relaxing spaces for tenants in the center of city. The property, located in a high exposure location fronting Teheran-ro within 5-minute walk of both Gangnam and Yeoksam Stations, benefits from superb road and public transport accessibility.
Chae Hun Chang, Country Head and Head of Capital Markets, JLL Korea, says: "Gangnam N Tower is an enviable investment holding and offers a good environment for corporates to set up flagship headquarters. Due to the increasing tenant demand and limited prime office supply in Gangnam, this presents a unique opportunity to acquire a brand new Grade A office in one of the core commercial districts in Seoul."
Chae Hun anticipates strong competition for the property from both domestic and foreign buyers. Marketing and sales efforts to attract investors and occupiers will commence immediately.
Gangnam has maintained the lowest vacancy rate amongst Seoul's three major business sub-markets since 2010. Supported by a robust IT sector and a rising number of co-working tenants, key occupiers in Gangnam are typically in the IT, venture capital funds, private banking, chemicals, and health and pharmaceuticals sectors.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,900 employees operating in 96 offices in 16 countries across the region. The firm won the 'World's Best' and 'Best in Asia Pacific' International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com.
JLL opened its Korea office in April 2000. We have over 190 professionals and on-sit staff providing integrated real estate services. The Korea office is a wholly owned subsidiary of JLL Asia Holdings Ltd, which in turn is a wholly owned subsidiary of JLL. www.jll.co.kr
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