Tishman Speyer has closed on the acquisition of Songdo CoStay, a stabilized 411-unit living asset in Songdo, Incheon, South Korea.
Songdo CoStay is Tishman Speyer’s first acquisition through its Korea Living Venture (KLV), a new fund dedicated to acquiring, repositioning and developing living properties throughout the Seoul Metropolitan Area.
The Songdo International Business District is one of Korea’s leading innovation centers. The district is home to approximately 70 biotechnology and life sciences companies employing more than 13,000 professionals, with major global and Korean companies establishing large-scale manufacturing and research and development campuses.
Located at 271 Harmony-ro, Songdo CoStay sits at the heart of Songdo’s bio and life sciences cluster, in close proximity to major employers. The property benefits from strong demand for employee accommodations from companies operating within the cluster, supported by continued investment and e
