'B Square' (formerly Samsung Life Insurance Choryang Building), a landmark of Busan Station, is seeking a new owner.
According to Al Square on the 23rd, Aegis Asset Management has officially started the sale process of B Square by distributing a teaser to potential buyers. Earlier, in June, Aegis Asset Management selected the Al Square-NAI Korea consortium as the lead manager for the sale of B Square.
Located at 222 Jungang-daero, Dong-gu, Busan (Choryang-dong), B Square is an office building with a total floor area of approximately 14,581.82㎡, spanning from three basement levels to 15 floors above ground. Situated along the main road near Busan Station, it is a stable asset with Samsung Life Insurance and its affiliates as long-term tenants. Strategic investors (SI) can also occupy the building directly as their headquarters.
The area around Busan Station is considered the biggest beneficiary of the rising asset value, supported by the Busan North Port Redevelopment Project actively promoted by Busan City. In particular, the Busan region has limited planned office supply, and many development projects have slowed due to rising construction costs and interest rate hikes, resulting in a limited number of real estate development projects currently progressing smoothly. The industry expects demand for physical office space to increase further.
Al Square stated, "Investor expectations are rising due to the recovery of the office investment market and the strengthening status of the Busan Station area," adding, "We also expect it will be easy to secure buyers for B Square."
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