Blackstone sells office in Seoul to Koramco REITs

Blackstone has sold Arc Place, a marquee office asset located in Seoul.

JLL acted as sole agent for Blackstone throughout the sale process of Arc Place, which was purchased by Koramco REITs Management & Trust, a Korean-based real estate firm specializing in the acquisition, development and management of real estate assets through establishment of REITs and trusts, for KRW791,669,725,000 ($587.8 million).

“Seoul’s office market is well established as one of Asia Pacific’s most resilient and perennially attractive asset classes for both global and domestic Korean investors. We’re delighted to have partnered with Blackstone in advising on this strategic transaction in the tightly held and highly sought Seoul office sector,” said Stuart Crow, CEO, capital markets, A