Seoul office tower placed on market for $860m

Alpharium Tower, an office tower in Pangyo Techno Valley near Seoul, will be put on the market later this year, which is expected to fetch the highest-ever price in the South Korean Silicon Valley of around KRW 1 trillion ($860 million), reported The Korea Economic Daily.

The seller is ARA Asset Management.

The 13-story tower totals 1.24 million square meters (13.3 million square feet) and comprises two interconnected class A office buildings with limited retail use completed in November 2015. The office portion is mostly leased to NC Soft, a South Korean game developer, until 2031, and the retail portion is leased to Starbucks, KB Bank and other tenants.