Koramco, Remodeling 'Gran Seoul' in Gwanghwamun... Reborn as a New Office

[Financial News] Koramco Asset Trust announced on the 25th that it has completed partial remodeling of the landmark office 'Gran Seoul', representing the Central Business District (CBD) of Seoul, and will open the concierge lounge and retail common areas.
Gran Seoul is a twin complex building owned by 'KOCREF Cheongjin 18·19', a REIT established by Koramco in 2011. It is directly connected to Jonggak Station on Subway Line 1, with a prime location and consists of an office and retail complex building with seven underground floors and 24 above-ground floors, and has been evaluated as a core asset in the Seoul CBD.
In Tower 1 of this building, premium tenants such as Korea Zinc, Mirae Asset Global Investments, and Dongyang Life Insurance are long-term tenants. Tower 2 is used as the headquarters by GS Engineering & Construction. Additionally, global asset management companies are currently considering using it as a hub office.
The remodeled spaces include the building lobby, parking lot, some office floors, and the entire retail space. Through facility construction in the connected spaces, an environment improvement work equivalent to new construction was carried out. It has been reborn as an asset that meets the 'Flight to Quality' trend, which is a major consideration for companies needing headquarters.
This remodeling by Koramco is part of an operational strategy to respond to the increasing demand for high-end office spaces in the city and to enhance the asset value of the building. It is a value-add strategy that considers tenant satisfaction and long-term growth potential of the asset by completely reconfiguring the function and image of the space beyond simple facility improvements.
Notably, the entire 7th floor of Tower 1 has been created as an exclusive concierge lounge for tenant companies and entrusted to Haevichi Hotel & Resort, a domestic top hotel service operator. It is expected to provide a pleasant space experience to tenant employees even outside working hours, operated as a top-class amenity (convenience space) integrating various dining, relaxation, and business support functions. Additionally, the retail space has been entrusted to Shinsegae Property, which operates Shinsegae Starfield and Centerfield Retail.



ming@fnnews.com Jeon Min-kyung Reporter