December 22, 2024

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Center Point Gangnam office building in Seoul (Mastern Investment Management)

Mastern Investment Management, a South Korean real estate investment firm, announced Friday that it has finalized the sale of Center Point Gangnam, a newly built office tower near Gangnam Station in Seoul, to local fashion giant F&F for 351.9 billion won ($246 million).

Center Point Gangnam features six basement levels and 14 above-ground floors, spanning a total floor area of 27,000 square meters. According to Mastern, its modern design is tailored to maximize space efficiency, giving it a competitive edge over older office buildings in the Gangnam Business District, one of Seoul’s key commercial hubs.

Located just a three-minute walk from Gangnam Station, the property offers easy access to major business corridors like Gangnam-daero and Teheran-ro, further enhancing its appeal, the company said.

F&F plans to use the building as its headquarters starting January next year after completing additional renovations.

Mastern added that the company timed the sale strategically, tapping into a market trend where companies are actively purchasing office properties to expand or relocate.

“This transaction highlights Mastern Investment Management’s expertise in office development,” said Mastern's CEO Hoon Namkoong. “We remain committed to creating value for our investors and the local community through innovative real estate projects.”

By Park Li-na (linapark@heraldcorp.com)