Colliers has sold D-Tower Donuimun in Seoul for US$653 million in  the largest transaction (by volume) in the Seoul CBD for 2024 and the second largest Korea-wide  this year. 

Colliers’ Capital Markets & Investment Services team in Korea was appointed to sell the landmark  building on behalf of Mastern Investment Management, with the deal also representing a strong  result in spite of continued high interest rates and a subdued market.  

Unlike surrounding assets in the heart of Seoul’s central business district, D-Tower Donuimun is  considered a stand-out property due to the rarity of its size at 26-storeys with a GFA just above  86,000 sq.m. The asset also boasts unrivalled physical condition as construction was completed  in 2020, positioning it as the third most recently built office within the CBD at present.  

D-Tower Donuimun currently holds strong credit-worthy tenants including Korea’s top-tier  construction company, DL Construction Co., Ltd., affiliates of the DL Group, and NH Bank. With  the majority of the building occupied by such high-profile tenants, D-Tower Donuimun offered a  stable income stream for the buyer – NongHyup REITs Management. 

“D-Tower Donuimun is a rare asset in the CBD of Seoul due to its excellent accessibility, visibility  and supreme physical condition,” Dr. Jisang Ahn, Colliers Director of Capital Markets &  Investment Services in Korea, said. “Not only does the steady cashflow by credible tenants make this asset an attractive investment opportunity, but significant rental growth is expected, either  through rental conversion from existing tenants or by attracting new blue-chip tenants.” 

D-Tower Donuimun is located at the intersection of Saemunan-ro and Tongil-ro, which is one of  the most sought-after areas of the CBD where tenant demand remains high and low vacancy  rates continue. 

“Despite a subdued market, our team was able to complete this significant transaction thanks to  their exceptional market expertise and capabilities,” Sungwook Cho, Colliers Managing Director  of Korea and head of Capital Markets & Investment Services, said. “We are also proud of the  team’s ability to maximise the asset efficiency and liquidity that resulted in a significant profit for  our client, further accelerating their success. 

“This is a strong finish to 2024 for Colliers in Korea, with a number of projects in the works for  2025.”