Myeongdong Lululemon Building 'Timework Myeongdong' Listed for Sale

Global real estate consulting firm Cushman & Wakefield Korea announced on the 6th that it has been selected as the sales advisor for 'Timewalk Myeongdong,' located in the prime commercial area of Myeongdong, Seoul.

Timewalk Myeongdong is a mixed-use asset of approximately 37,286m² situated along Namdaemun-ro Boulevard. It underwent major renovation work in 2021. Currently, it is owned by Aegis Asset Management.

Time Work Myeongdong. Provided by Cushman & Wakefield

The site area is 4,240m², making it relatively large in Myeongdong. It is the only office, retail, and hotel complex within the Euljiro and Myeongdong districts.

In 2019, Aegis Asset Management purchased the SK Myeongdong Building through a fund and completed remodeling it into Timewalk Myeongdong in June 2021. Currently, tenants include the Canadian yoga apparel brand Lululemon and Olive Young.

Cushman & Wakefield Korea is forecasting the expected sale price to be around 500 to 600 billion KRW.