Maston Investment Management Pre-purchases Prime Office in Seongsu-dong, the 'Office Hotspot'

Maston Investment Management announced on the 19th that it has confirmed the pre-purchase of a prime office building in Seongsu-dong, Seoul, known as an "office hot place."

This deal involves the pre-purchase of an office currently under development by AM Plus Asset Development. The transaction amount is approximately 34.5 million KRW per 3.3㎡ based on the planned total floor area of the new building, totaling around 310 billion KRW. The building is scheduled for completion in 2026.

The asset is located at 278-52, Seongsu-dong 2-ga, Seongdong-gu, Seoul. It is planned to be developed as a prime office building with 6 basement floors to 11 above-ground floors, a site area of about 3,000㎡, and a total floor area of 30,000㎡. The exclusive floor area per standard floor exceeds 400 pyeong. With a ceiling height reaching 3 meters and other excellent physical specifications, it has higher leasing competitiveness compared to competing assets. Accordingly, it is expected to attract medium to large-sized tenant demand.

This asset is situated in a core location within the Seongsu IT Industry and Distribution Development Promotion District, and high tenant demand is expected from companies in high value-added sectors such as IT (Information Technology), BT (Bio Technology), and R&D (Research & Development). Its proximity within walking distance to Seongsu Station on Line 2 also offers excellent public transportation accessibility.

The Seongsu area is growing into a vibrant emerging business district with continuous relocations of large corporations, unicorn companies, startups, accelerators (AC), and venture capital firms (VC). Due to relatively low price sensitivity when companies need to build or expand their headquarters as they grow, the potential for value appreciation in the Seongsu area is also expected to be high.

Through this office pre-purchase, Maston Investment Management has once again demonstrated its expertise and know-how regarding the Seongsu area. Maston Investment Management has consistently shown interest in high-quality offices located in Seongsu-dong.

Last year, it pre-purchased an asset located at 279, Seongsu-dong 2-ga. This is planned to be developed into an office building with a site area of about 3,300㎡, 7 basement floors to 11 above-ground floors, and a total floor area of approximately 36,000㎡. Additionally, it acquired the Musinsa Campus E1 office building in Seongsu-dong, which has 4 basement floors to 10 above-ground floors, a total floor area of about 10,500㎡, and a site area of approximately 1,300㎡.

This deal was led by Kyungbae Park, Head of the Domestic Investment Management Division 3 at Maston Investment Management. Mr. Park, a certified public accountant, is a representative star asset manager who has successfully closed several symbolic deals since the early days of Maston Investment Management. He is recognized for successfully executing 20 major deals including Centerpoint Gwanghwamun, D-Tower Donuimun, and Pangyo Alpharium.

Hun Namgung, CEO of Maston Investment Management, stated, “Considering the site size and development status, the Seongsu area is expected to establish itself as an independent major business district. Maston Investment Management will continue to make every effort to discover high-quality deals based on the expertise and excellent performance accumulated in the Seongsu area.”