Aegis Asset Management Secures Office Lease Contracts One After Another at ‘Magok Landmark’ One Grove

Aegis Asset Management recently announced on the 30th that it has signed a lease agreement for office facilities at Inbitos and OneGrove (Magok CP4).

Inbitos is a bio-based in vitro diagnostic specialist company originating from LG Chem's diagnostics division and holds the number one domestic market share in the allergy market. This means that a tenant suitable for the 'bio-specialized complex,' part of the Magok district development plan, is expected to move in.

Additionally, Flag One, a shared office operated by LG affiliate D&0, is about to sign a lease agreement for OneGrove. Flag One currently operates two branches at Gangnam Station and Seoul Station, and has chosen Magok OneGrove as its third branch. With LG Science Park nearby, it is expected to absorb office demand from LG Group-related companies.

Last month, one of the regional hub airlines signed a lease agreement with OneGrove. Magok is known for having the best airport accessibility among Seoul's business districts, so airline tenant demand was anticipated.

Aegis Asset Management explained, "So far, we have received numerous letters of intent for office leases and site visits have increased. We are also negotiating lease agreements with global financial investment firms. Additionally, over 60 letters of intent for retail facility leases have been received."

OneGrove is considered the largest landmark office near Magok Station to be supplied by the end of this year. With a total floor area of approximately 460,000㎡, it rivals the size of Yeouido IFC, which includes the Conrad Hotel (total floor area about 590,000㎡). It is expected to become the third-largest office building in Seoul. The building consists of four towers, from seven basement floors to 11 above-ground floors. Notably, the standard floor area of offices from the 3rd to the 11th floor is about 4,000㎡ per tower, making it the largest in Korea. It features spacious workspaces preferred by companies recently, enhancing space utilization.

A central garden of approximately 7,600㎡ is provided between the four towers, allowing employees and visitors to relax. Furthermore, a public pedestrian passage connecting Magok Station on Line 5 to Magoknaru Station on Line 9 and the Airport Railroad has been created on the first basement and ground floors, improving pedestrian convenience for citizens.

An Aegis Asset Management official stated, "As prime offices in existing downtown areas such as Gwanghwamun, Yeouido, and Gangnam become saturated, more companies are paying attention to the growth potential of Magok, similar to how Pangyo emerged as a new business district in the past."

With the aging of offices in the long-established downtown areas and increasing rental burdens for new or prime offices, Magok, which offers excellent airport accessibility, state-of-the-art infrastructure, and abundant greenery, is attracting corporate interest.