The building, which houses Enter 6 - Park Avenue Hanyang University, was purchased by GRE Partners Asset Management for 112.1 billion won ($83.5 million) and will be repurposed from a shopping mall to office space and redeveloped into a mixed-use complex.
RSQUARE was selected as the lease strategy planner and consultant for the building located in Seongdong-gu, Seoul.
Leveraging its extensive data, RSQUARE will play a key role in executing the conversion strategy and securing tenants. About 36,062.2 square meters will be allocated for office space. Global real estate private equity firm Starwood Capital is also participating as an investor.
The building, located near Hanyang University Station, has excellent public transportation access and is close to a fashion district in eastern Seoul. It is also near Wangsimni, where plans are underway to develop a business hub with space for both domestic and international companies.
"This project is an innovative attempt to breathe new life into stagnant commercial facilities. We aim to transform it into a new landmark in Seoul and set a new benchmark in the real estate market based on our expertise," RSQUARE said in a press release.
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