Mastern Asset Management buys Seoul office trophy asset in Korea for $853m

ARA Korea has sold Alpharium Tower in Pangyo near Seoul for $853 million to Korea-based Mastern Asset Management. The deal represents one of the largest office transactions closed in Korea since the onset of the pandemic and reaffirms broad confidence in the country’s commercial real estate sector.

The asset comprises two 13-floor towers. Completed in 2015, the asset has a total gross floor area (GFA) of 112,254 square meters (1.2 million square feet). Alpharium Tower is located in in the Central Commercial Area of Pangyo Business District. The property is fully stabilized with a long weighted average lease expiry (WALE). Since its acquisition, ARA has significantly improved tenant mix and leases within the asset, creating an attractive prime office building with creditable tenants, including major Korean technology firms, occupying 80 percent of the total leasable area.

Over the past few years, the Pangyo Business District has become one of Seoul’s most desirable