Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date year

Sungwook Cho is “incredibly proud” of his team’s capabilities and commitment to seek out a suitable buyer for the large transaction, amid a subdued commercial real estate market. Cho remarks that the sale of the Samsung SDS Tower marks the largest single-asset office transaction in the Asia Pacific region so far this year, as well as the largest trade in the South Korean market to date this year.

Chris Pilgrim, Asia Pacific managing director of global capital markets at Colliers, commends the team’s determination and commitment that enabled the sale of the prime commercial office property to KB Asset Management for US$630 million. Pilgrim notes that this transaction not only demonstrates the highest transaction value of the year, but also encourages further investments in prime-rate buildings in the Korean market.

In May, Cho’s team achieved three major deals with a combined value of US$780 million, setting a milestone for the sale of Munjeong Plaza, Donghwa Building and Namsan Green Building in the main business districts of Seoul.

Since joining Colliers in July, Sungwook Cho and his team have succeeded in various transactions, the latest of which was the sale of the Samsung SDS Tower. The property is positioned in the extended Gangnam Business District and comprises 1,071,407 sq ft.

One of the most impressive sales this year, Cho praises the potential of this smart investment move made by KB Asset Management, which secures a steady cash flow from Samsung SDS with the building serving as their headquarters. This strategic step proved to be attractive to other Korean investors, making the deal a success.

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Together with this sale, the impact of the real estate industry veteran Cho and his team have had in the Asian Pacific region this year can be felt. It is expected that their commitment and determination will continue to shed light on the real estate market and pave the way for further investments in the future.