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| The Space Group building in central Seoul |
By Kim Tong-hyung
Hyundai Heavy Industries said Wednesday it walked away from the talks to acquire Seoul's Space Group building, deciding the 10 billion won (about $9 million)-plus price tag as too steep of a price to pay.
The small building near Changdeok Palace in Gye-dong, built in 1971 and distinctive for its use of glass, black bricks, and the blanket of ivy that covers it, is a work of the late Kim Swoo-geun (1931-1986), who remains arguably Korea's most internationally recognized architect.
The building, considered one of the city's modern architectural masterpieces, was put on the market shortly after the Space Group, an architectural firm Kim founded in 1960, went bankrupt in January.
Hyundai backing out of the negotiations is a significant setback for Space Group, which had hoped to get a deal done during October. Hyundai was the biggest among a group of four or five companies that had expressed interest in acquiring the building.
''After considering the offer we concluded that the deal wasn't right for us. Cost was one of the many factors considered,'' said a Hyundai Heavy Industries spokesman.
Other works of Kim in Seoul include the Jamsil Olympic Stadium, Tower Hotel (current-day Banyan Tree Club & Spa Seoul), Kyungdong Presbyterian Church and the U.S. embassy building.
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