Mastern Investment Management announced on the 3rd that it has confirmed the pre-purchase of a large office building in Seongsu-dong, Seoul, which is emerging as a major business district and is known as the "Brooklyn of Korea."
This deal involves Samwon PFV (Project Finance Investment Company) pre-selling an asset originally planned as a knowledge industry center after redesigning it as an office and completing the necessary permits. The total transaction amount is approximately KRW 360 billion (about KRW 33 million per 3.3㎡ of newly constructed gross floor area), with completion scheduled for the end of 2026.
Located at 279, Seongsu-dong 2-ga, Seongdong-gu, Seoul, this asset will be developed into an office building with a site area of approximately 3,300㎡, consisting of 7 basement floors to 11 above-ground floors, and a total gross floor area of about 36,000㎡.
It is situated in an area where major companies such as Musinsa, Sindorico, and SK Telecom have their workspaces, and where high-quality new office projects like Centerpoint Seongsu are actively underway.
Positioned at the center of the office zone formed under the IT Industry and Distribution Development Promotion District unit plan, it is expected to be highly preferred by tenants from high value-added sectors such as IT (Information Technology), BT (Bio Technology), and R&D.
This asset is among the large-scale gross floor area properties scheduled for new supply within Seongsu-dong, featuring prime office-level physical and interior specifications such as a dedicated floor area of approximately 1,580㎡ per floor, floor heights exceeding 2.9 meters, and various ancillary facilities.
Through this, it has secured a high level of leasing competitiveness compared to other planned new assets and is expected to establish itself as the most preferred asset by major companies within the Seongsu area.
The deal was led by Executive Director Kyungbae Park, Head of the Domestic Investment Management Division 3 at Mastern Investment Management. Director Park is a prominent star operator who has successfully closed major deals such as D-Tower Donuimun and Pangyo Alpharium Tower since the early days of Mastern Investment Management.
A certified public accountant by training, he has significantly contributed to enhancing the company's external market credibility for core and value-add assets by acquiring several high-quality assets in key areas. He is recognized in the industry as an all-around player with experience executing investments across various strategies.
In particular, regarding this pre-purchase, Mastern Investment Management did not merely act as a simple pre-purchaser but maintained close collaboration based on trust with the project owner by proposing a change of use from a knowledge industry center to office facilities, product planning, permit changes, contractor selection, and financing, providing comprehensive development-related expertise and know-how.
Kyungbae Park, Executive Director and Head of Investment Management Division 3 at Mastern Investment Management, stated, “Leveraging Mastern Investment Management’s strength in real estate development projects from development to operation and sale, we have secured an asset located in an attractive location in Seongsu-dong, an emerging office district attracting significant attention from domestic and international investors. We will continue to capture meaningful investment opportunities to earn investors’ trust and satisfy various stakeholders through dedicated efforts.”
Meanwhile, Mastern Investment Management recently acquired Musinsa Campus E1, an office building located in Seongsu-dong with 4 basement floors to 10 above-ground floors, a gross floor area of approximately 10,500㎡, and a site area of about 1,300㎡. With this office pre-purchase, Mastern Investment Management has further expanded its investment footprint in the Seongsu area.
Seongsu-dong is gaining attention as an emerging business district highly preferred for various uses such as headquarters, flagship stores, and pop-up stores by innovative companies like Musinsa and Socar, as well as overseas luxury brands such as Herm?s, Dior, and Chanel. Until the 1960s, it was a representative semi-industrial area in Seoul, but since the 2010s, it has successfully transformed its image by replacing old manufacturing facilities like factories and warehouses with galleries, cafes, and curated shops with a youthful vibe. Places like Daerim Warehouse and Jagmachi have become Instagrammable hotspots, and the Seongsu-dong Atelier Street has also become a trendy destination.
Thanks to its excellent location in the heart of Seoul and a hip atmosphere leading trends, it has rapidly emerged as the most preferred business district, attracting not only fashion and IT companies but also lease demand from financially strong large corporations. It is known that both domestic and overseas investors have a positive outlook on the growth potential of the Seongsu area.
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