Korea’s leading bedding company Allerman has secured a site for a new office headquarters with the USD$242million purchase of T412 Building in central Seoul facilitated by Colliers in collaboration with Savills Korea and Hanhwa H&R.

The deal – negotiated by Colliers Korea’s Capital Markets & Investment Services Team on behalf of Hanwha Asset Management – represents a strong transaction in spite of a subdued market.

A 19-story building with a GFA of 26,388.79sqm, the T412 Building currently holds strong credit-worthy tenants including Samsung Financial Affiliates and Nexon Korea, as well as other high-profile tenants such as KB Bank and Henkel.

“We were able to complete this significant transaction swiftly and reliably compared to competing assets thanks to the years of experience within our team and the strategic marketing of this value-add asset as also having strong headquarter office potential,” Sungwook Cho, Managing Director of Colliers Korea and head of Capital Markets & Investment Services, said.

The T412 Building is situated just outside of Seouleung Station, one of Seoul's main subway stations that crosses between Line 2 and the Bundang Line on the southside of Teheran-ro – the main commercial strip in the Gangnam Business District. The area is home to many major multinational IT and financial headquarters. 

“Due to its efficient business infrastructure, excellent accessibility, and nearby facilities such as COEX, Hyundai Department Store and various branded hotels, the Teheran-ro strip is a highly sought after location by many companies,” Dr. Jisang Ahn, Colliers Director of Capital Markets & Investment Services said. “Several landmark development projects are also currently underway in close proximity to the building, which our team identified was likely to drive further growth in asset value. Leveraging this combination of the property’s prominence and prime location, the strong tenant demand for the GBD area and strong tenancy profile, our CMIS experts succeeded in conveying the value of the T412 Building as an attractive asset for investment with promising yields.”

It is a strong start to 2024 for Colliers Korea, also recently ranked second for office and retail sales in Korea in 2023 by MSCI Real Assets.

For further information, please contact Sungwook Cho, Managing Director of Colliers Korea and head of Capital Markets & Investment Services as the details below.