Global commercial real estate corporation JLL (Jones Lang LaSalle) Korea announced on the 25th that it has completed the sale advisory of BNK Digital Tower located on Seocho-daero in Seocho-gu, Seoul.
JLL Korea conducted the transaction on behalf of the 'BNK Gangnam Core Office Private Equity Real Estate Investment Trust' in a consortium formed with Avison Young Korea and Samjeong KPMG.
This transaction is the first office asset transaction of over 10,000 pyeong that has taken place in the Gangnam area this year, and it is noteworthy as it is the first high-quality office asset incorporated as complete sole ownership in the Gangnam area by Shinhan Alpha REIT, a listed REIT operated by Shinhan Asset Management. The transaction price is approximately 40.7 million won per pyeong based on gross floor area, with a total gross floor area of 37,182㎡ (11,248 pyeong).
BNK Digital Tower is an office building with 20 above-ground floors and 7 underground floors, which has increased its asset value through two renovations in 2011 and 2022 after its completion in 1997. It has also obtained a gold certification in the LEED O+M (Building Operations and Maintenance) category. Currently, this building has secured numerous high-quality tenants, including finance, professional services, and IT corporations, and the recent average occupancy rate has maintained over 95%.
Lee Gi-hoon, executive director of JLL Korea Capital Markets, noted, "BNK Digital Tower is an asset with a prime location in Gangnam and excellent physical conditions, earning high trust from investors," adding, "This transaction suggests that demand for the Seoul prime office market remains solid."