That 40-story Techno Mart building is going up for sale

Center Point West (formerly Seobu Finance Center), located in Sindorim in Guro District, Seoul, is being put on the market. With a total of four prime office buildings in the western area of Seoul now seeking new owners, the commercial real estate industry is paying close attention.
According to the commercial real estate industry on the 12th, KB Asset Management has begun the sale process for Center Point West by launching the recruitment of a sales advisor.
Completed in December 2007, Center Point West is the tallest building in the Sindorim area, a prime-grade office tower with seven basement levels and 40 above-ground floors and a total floor area of about 95,000 square meters. Its location immediately adjacent to Sindorim Station on subway Lines 1 and 2 gives it excellent, wide-area transport connectivity, which is cited as a key strength.
The complex consists of the Techno Mart retail wing and an office tower, and KB Asset Management’s ownership stake covers the office tower from basement level one through the 40th floor. Of this, basement level one and the first through 10th floors are retail space, while the remaining floors are office space.
In 2021, KB Asset Management acquired the building through its first real estate investment trust product, KB No.1 Real Estate Investment Trust, and rebranded it from Seobu Finance Center to Center Point West. Since then, the company has focused on value enhancement, not only raising the occupancy rate but also actively boosting income by bringing shared offices into some of the vacant space.
Industry observers expect the sale price to be the key factor determining how attractive the asset will be to buyers. A market source said, “Compared with the three traditional core office districts in Seoul — the Central Business District of Seoul (CBD), the Gangnam Business District (GBD), and the Yeouido Business District (YBD) — many investors do not actively consider offices in the western area of Seoul. The building’s specifications are excellent, but because of perceptions of the area, investors may be highly sensitive to the asking price.”
Meanwhile, several prime office buildings in the Sindorim and Yeongdeungpo District area, which make up the western area of Seoul, are currently preparing for sale, and the progress of each transaction is expected to influence the others. A market source said, “There are currently four properties in the western area pursuing a sale: Center Point West, Times Square in Yeongdeungpo District, the D-Cube City office in Sindorim, and Dangsan A1 Tower. One factor to consider in the western area is that many tenants are in customer service–oriented sectors.”
Times Square in Yeongdeungpo District is in the process of selecting an advisor, while D-Cube City in Sindorim has already appointed an advisor and begun the sale process. Dangsan A1 Tower, which is being marketed for a portfolio sale, is also expected to accelerate its sale this year.
ming@fnnews.com Jeon Min-kyung Reporter