A consortium led by KakaoBank Corp. and Korea Investment & Securities Co., Ltd., has proposed to acquire Pangyo Tech One Tower, south of Seoul, from Mirae Asset Global Investments Co., Ltd. in a transaction valued at approximately KRW 2 trillion ($1.4 billion).
It marks the highest sale price in the history of South Korea’s office market, according to Cushman & Wakefield, which advised the sale. It also achieved a record-breaking price per square foot within the Pangyo submarket, underscoring its significance as a landmark deal. Cushman & Wakefield Korea’s CMG team executed a tailored marketing strategy, targeting a diverse pool of investors — including international institutions, strategic investors, and end-users — securing multiple competitive bids and enhancing the overall quality of the transaction.
Pangyo Tech One Tower is a newly developed prime office building with a gross floor area of approximately 198,000 square meters (2.1 million square feet). It ranks as the third-largest office asset among Korea’s four major office districts and is recognized as the largest trophy asset in Pangyo. Strategically located in the heart of Korea’s tech hub, the property benefits from excellent accessibility and a robust demand base, making it one of the most sought-after assets in the market.
