KB Asset Management pays $630m for Samsung SDS Tower in Korea’s largest commercial property deal of the year

Samsung SDS Tower, located in South Korea, has sold for $630 million. The new owner is KB Asset Management

It is considered the largest trade of 2023 in the Korean market and the largest single-asset office transaction in the Asia Pacific region this year.

The sale process for the 99,537-square-meter (1.07 million-square-foot) Samsung SDS Tower, located in the extended area of the Gangnam Business District, began in second half 2022.

Colliers represented the transaction.

“Despite delays resulting from a subdued commercial real estate market, the determination of Colliers Korea’s Capital Markets team in finding a suitable buyer for this prime commercial office property and their commitment to satisfactory negotiations resulted in the successful closure of this deal,” said Chris Pilgrim, Colliers managi