IGIS Asset Management said on the 10th that it has received the transfer of ownership of the large complex facility “One Grove” in the Magok District of Seoul as of the 7th and will begin full-scale operations.
This is based on a pre-purchase agreement signed in August 2021, and the asset was successfully acquired from the seller, Magok CP-PPV. The National Pension Service participated as the investor.
One Grove achieved a high occupancy rate of 40% about five months after completion in September last year. In particular, the four office buildings applying the "Mega Plate" design with a standard floor area of 4,200㎡ received positive evaluations for aligning with the global tenant trend favoring large integrated office spaces.
According to IGIS Asset Management, the proximity to the airport, large floor area, and low rental rates compared to major business districts are advantages that have attracted interest from airline and logistics companies and large corporations in the construction and manufacturing sectors.
Construction company DL E&C has transferred its headquarters, and a lease agreement with the career platform “Saramin” has been signed. The shared office “Flag1″ of LG affiliate D&O opened on the 6th. The bio company “Invitros” and a regional airline have already completed their move in last year and are currently using the office. In addition, negotiations for leasing with more than 20 global asset management firms are underway.
IGIS is planning dedicated amenities for tenants, including meeting rooms, lounges, and sleeping quarters. Haevichi Hotel and Resorts will be selected as the operator to provide services. Additionally, a central garden of 7,600㎡ will offer a resting space for the employees of the tenants.
In the second quarter of this year, another key facility of One Grove, “One Grove Mall,” is set to grand open. On the second basement level, the largest Emart Traders in the country will open on the 14th. The first basement level to the second floor will consist of fashion, lifestyle, kids, food and beverage, entertainment, and medical facilities. VIPS, located on the second floor, has already opened last December and is operating, while Kyobo Bookstore, Uniqlo, and Muji have also secured leases. In addition, several trendy dining brands, such as Sukseongdo and Ido Gomtang, have signed contracts.
An official from IGIS Asset Management noted, “One Grove is the largest private development project in the Magok District, the last large-scale development area in Seoul, and we are achieving results through systematic strategies established from the initial tenant marketing. In the future, it will serve as the center of life for employees and local residents in the Magok District and will become a landmark representing the western part of Seoul.”