Newmark Grubb ACRES is pleased to announce the sale of a 36,296 square foot office building in Seoul, South Korea. Three floors of the office building will be occupied by the undisclosed buyer and the remaining floors will subsequently be sold.
NGA’s Account Executive of Global Corporate Services Nate Worthen and Richard Orbell of Jones Lang LaSalle (JLL) represented the buyer in this noteworthy deal.
The significant global transaction was the result of three years of a long ardent planning process for the buyer as they searched for a suitable site that offered both a closer proximity to major transporation centers as well as greater parking capabilities than their previous locations. The deal only materialized after Worthen entered the process in 2015 at which point he was able to help locate an adequate space. Several hurdles also had to be overcome before solidifying the transaction including zoning issues and persuading the seller to rectify some known non-conforming variance issues during the period prior to closing.
“International corporations are all faced with the challenge of finding and obtaining adequate facilities for their employees and patrons,” said Worthen. “This task is not easy, fast, or cheap for any organization. However, after closing more than 900 transactions for this client and others in more than thirty countries, we've been able to quickly enter a market, identify the local market experts and resources, and leverage those resources while providing a consistent service delivery to the client. Of the developed countries in the world, South Korea's real estate acquisition process is one of the most unusual and daunting in the world and we were able to successfully wed that local market practice with a client who has their own careful corporate approval process. This is the type of work that I pride myself on personally and professionally.”