News release

JLL advises Blackstone on marquee Seoul office sale

The sale of Arc Place to a domestic Korean investor represents one of the largest Seoul office transactions since 2020

April 01, 2024

Andrew Peck

+65 9823 7917

SEOUL, 1 APRIL 2024 – JLL (NYSE: JLL) today announced that it advised Blackstone (NYSE: BX), the world’s largest alternative asset manager, on the sale of Arc Place, a marquee office asset located in Seoul, South Korea.

JLL acted as sole agent for Blackstone throughout the sale process of Arc Place, which was purchased by Koramco REITs Management & Trust Co. Ltd. (“Koramco”), a Korean-based real estate firm specialising in the acquisition, development and management of real estate assets through establishment of REITs and trusts, for KRW791,669,725,000 ($587.8 million).

“Seoul’s office market is well-established as one of Asia Pacific’s most resilient and perennially attractive asset classes for both global and domestic Korean investors. We’re delighted to have partnered with Blackstone in advising on this strategic transaction in the tightly-held and highly-sought Seoul office sector,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL.

Arc Place is located at 142 Teheran-ro, one of Korea’s most desirable and busiest commercial addresses, located in the Gangnam Business District of Seoul. The occupancy of Arc Place is currently 100%, owing to its position as a favourable location for many global and domestic technology corporations. The 24-storey building was completed in 1998 and comprises of a gross floor area (GFA) of 62,725.31 sqm and six underground floors.

“Arc Place is one of the most attractive assets in Gangnam and the successful sale reinforces the area’s status as one of the leading Asia Pacific business districts. We continue to see broad interest in Seoul’s office market from a diverse cross-section of international investors, given high occupancy rates and fairly balanced supply, which we expect to continue” says Keehoon Lee, Senior Director, Capital Markets, Korea, JLL. 

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit