Sales of Orange Center, a high-quality assets in CBD
JLL successful completed the sale of Orange Center, a high-quality assets with a 100% rental rate located at the core of the CBD.
Location
Seoul, Korea
Size
34,172 sqm
Industry
Office
Orange Center was invested by the National Pension and ARA, with a total gross floor area of 34,172 sqm and B6 /19F. Orange Center could maintain 0% of vacancy rate by Orange Life Insurance (formerly ING Life) signing a long-term lease contract since its completion in 2007.
With a record of selling multiple offices in CBD, JLL was selected to represent to disposal process as sale agency and carried out marketing with the emphasis on high credit tenant and future growth of the location to draw interest from CORE investors and value-added investors, and result to successful bidding participations.
Based on the fair bidding results, JLL successfully closed the transaction with NH Amundi Asset Management and a sale amount of KRW 225 billion and Orange Center represented the sale of office asset in the second half of 2019.
