Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Blackstone sells premium office building in Gangnam to KORAMCO for $588 mil.
Arc Place, office building in southern Seoul / Courtesy of Blackstone
By Anna J. Park
Arc Place sale is biggest commercial real estate deal in Seoul since 2022
Blackstone completed the sale of Arc Place, a premium office building in the affluent Gangnam business district of Seoul, to real estate asset manager KORAMCO for about 792 billion won ($588 million).
The U.S.-based alternative investment company confirmed the completion of the deal on Monday, noting that it represents the biggest commercial real estate transaction in Seoul's major business area since 2022.
Situated adjacent to Yeoksam Station, the 24-story building spans a total floor area of 62,725 square meters, offering unparalleled accessibility to public transportation and boasting a full occupancy rate.
“Over the years, Blackstone has repositioned Arc Place into a premier, highly-coveted office asset in the heart of Seoul’s Gangnam district, attracting global technology and media tenants. We are confident that Arc Place will continue to thrive under the ownership of KORAMCO and benefit from Seoul’s strong office tailwinds," Chris Kim, Blackstone's head of real estate, said.
The global private equity firm explained that Arc Place has been transformed into a premium office building by undergoing a complete renovation under the firm's ownership. The office building attracted a high-profile tenant roster of local and global technology and media companies. Blackstone said its strategy seeks to invest in prime assets in fast-growing sectors in global gateway cities, where the firm can unlock additional value through capital investments and a robust asset management approach.
Blackstone's operation in Korea is focused on its well-established teams across real estate and private equity sectors. Some of its real estate investments include Starfield Hanam, a premier shopping mall just outside of Seoul.
Globally, the major private equity firm stands as the largest owner of commercial real estate, spanning every significant geography and sector, such as logistics, residential, office, hospitality, and retail. Blackstone's real estate business currently manages over $337 billion in assets.