JLL appointed as sales agent for Gangnam N Tower
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com