Blackstone Core+ Funds Sell Premium Office Tower in the Largest Commercial Real Estate Transaction in Seoul’s Major Business District Since 2022
SEOUL, April 1, 2024 – Blackstone (NYSE: BX) today announced the closing of the sale of Arc Place, a high-quality Grade A office building in the Gangnam Business District in Seoul, South Korea, to KORAMCO. This marks the largest commercial real estate transaction in Seoul’s major business district since 2022.
Chris Kim, Head of Real Estate – Korea, Blackstone, said: “Over the years, Blackstone has repositioned Arc Place into a premier, highly-coveted office asset in the heart of Seoul’s Gangnam district, attracting global technology and media tenants. We are confident that Arc Place will continue to thrive under the ownership of KORAMCO and benefit from Seoul’s strong office tailwinds.”
Blackstone’s Core+ strategy seeks to invest in prime assets in fast-growing sectors in global gateway cities, where the firm can unlock additional value through capital investment and a robust asset management approach. Under Blackstone’s ownership, Arc Place has been transformed into a world-class office building – it underwent a complete renovation with an upgraded lobby and building façade to create a modern and vibrant space; brought in new retail outlets including restaurants, cafes, and a fitness center; and attracted a high-profile tenant roster of local and global technology and media companies.
Blackstone has been a longstanding, committed investor in South Korea, which was reinforced when it moved to a bigger space in 2022. Today, it has well-established teams across Real Estate and Private Equity. Some of its Real Estate investments include Starfield Hanam, a premier shopping mall that is one of the largest nationwide, and Grade A logistics assets.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $337 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
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