Blackstone has teamed up with Korean asset manager Blue Cove Investment to acquire a 16-story office tower in Seoul’s Gangnam business district for 120 billion Korean Won ($86 million), sources familiar with the transaction told Mingtiandi.
The seller is Seoul-based SM Group, which acquired the building in 2017 for KRW 43.7 billion ($31 million). In 2023, the group secured permission to reposition the former tourist hotel as an office building.
Blackstone is said to be collaborating with Blue Cove and Travelodge on the pending deal, with plans to return the property to its original state as a hotel following the acquisition.
The office building spans 14,700 square meters (158,229 square feet). Its tenants include SM Group and affiliates such as Dongah Construction and Woobang Industries.
