ARA Asset Management has completed the acquisition of Parc1 Tower II, a landmark office tower in Seoul, via a new private real estate fund managed by ARA Korea.
The transaction, valued at more than KRW 1 trillion ($897 million), is slated to be the largest single-asset transaction in Korea this year.
Located within Yeouido Business District, the property is one of the two newly constructed landmark office towers within the Parc1 mixed-use complex designed by famed architect Lord Richard Rogers. Currently the 5PthP tallest office building in Seoul, it comprises 53 stories and 162,216 square meters (1.7 million square feet) of gross floor area. The property is adjacent to both Yeouido Park and Han River Park, a location that provides a rare combination of natural outdoor space and bustling business activity and, easily accessible from all major locations in the city via public transport.
It boasts eco-friendly and energy savings systems — including charging spot
