Maston Investment Management Completes Sale of 'Centerpoint Gangnam' to F&F

Masterton Investment Management, a specialist alternative investment asset management company, announced on the 13th that it has completed the sale of ‘Centerpoint Gangnam,’ a newly constructed office building in the Gangnam area, to F&F, a leading domestic fashion company.

Masterton Investment Management selected F&F as the preferred negotiation partner in October last year and pre-sold the asset in December, about two months later. After completing the remaining construction over approximately one year, it received the occupancy approval on October 31 and transferred the property to F&F at the end of this year. The sale price was approximately KRW 351.9 billion, equivalent to about KRW 43 million per 3.3㎡. F&F plans to carry out additional interior renovations and use the building as its headquarters starting around January next year.

Located at 8, Teheran-ro 8-gil, Gangnam-gu, Seoul, Centerpoint Gangnam is an office building with six basement floors and 14 above-ground floors, a total floor area of about 27,000㎡, and a site area of approximately 2,200㎡. It was constructed using an eccentric core design, where spaces such as elevators and circulation areas are concentrated on one side, resulting in a higher net leasable area compared to other offices in the Gangnam area, thus offering excellent space efficiency.

The building is situated in a station area just a three-minute walk from Gangnam Station, which serves Seoul Subway Line 2 and the Shinbundang Line. It has excellent accessibility to both Gangnam-daero and Teheran-ro, the central axes of the Gangnam Business District (GBD), and is highly valued in the market as a rare newly constructed office in the GBD, where office development is practically restricted.

Considering the market trend in the second half of last year, where major domestic companies actively entered the office acquisition market as strategic investors (SI) for business expansion and establishing headquarters, Masterton Investment Management timed the sale accordingly. Recognizing that SIs who purchase offices for use as headquarters want to customize the interior space to fit their corporate culture and management philosophy, the company proceeded with the asset sale before interior construction.

Namgung Hoon, CEO of Masterton Investment Management, said, “It is meaningful that we were able to successfully complete the sale of a high-quality asset developed through Masterton Investment Management’s strength in office development projects.” He added, “Going forward, Masterton Investment Management will continue to enhance real estate value through outstanding investment and development capabilities, contributing continuously to investors and local communities.”