▶ Spans a gross floor area of 2,107 pyeong along Dongjak-daero… outstanding visibility and accessibility
▶ Value appreciation anticipated from Seoripul mixed-use development and Banpo luxury residential belt expansion
▶ 100% vacancy clearance available after September 2026… optimal for repurposing as a corporate HQ, medical center, or mega-academy
RSQUARE (CEO: Lee Yong-gyun), a comprehensive commercial real estate service firm, announced on the 14th that it has officially commenced disposition advisory services for the 'Cheongnam Building' located in Seocho-gu, Seoul.
The Cheongnam Building is a commercial office property situated at 765-14 Bangbae-dong, Seocho-gu, Seoul, plus one additional parcel. Featuring 2 underground floors and 9 above-ground floors, the asset spans a gross floor area (GFA) of 6,966.8 $m^2$ (approx. 2,107 pyeong) and a land area of 1,467.4 $m^2$ (approx. 443 pyeong). The entire building can be delivered completely vacant after this coming September. This implies that a buyer can completely redesign and fit out the property from scratch to suit their desired purpose.
The primary advantages of this building lie in its strategic location and substantial scale. Positioned at the critical gateway where Dongjak-daero (connecting Seoul’s north and south) intersects with Seocho-daero (transversing east and west), the property offers exceptional commuting and transit convenience from any direction. Because it commands a larger scale compared to surrounding properties, it boasts prominent long-distance visibility, providing a powerful signage effect and a distinct advantage for brand exposure. It is highly suitable for use as a corporate headquarters or for purposes requiring high foot traffic, such as medical facilities or educational academies.
From an end-user perspective, the spatial layout is equally attractive. With a high floor efficiency ratio (net-to-gross ratio) of 68.97%, it delivers a wider actual usable area relative to the same gross footprint. It also features generous parking provisions and open setback spaces at both the front and rear of the building, rendering a structural layout that smoothly accommodates visiting clients, guests, or patients arriving by vehicle. This framework perfectly matches industries where tens or hundreds of people cycle through daily, such as academies or clinics.
Furthermore, because the building was originally constructed with a floor area ratio (FAR) of 330.7%—which exceeds the current legally permitted limit of 250% for the zone—it presents a massive structural advantage for a value-add remodeling strategy.
Robust surrounding development tailwinds add further momentum to the asset's potential. Nearby, the 'Seoripul Mixed-Use Development Project,' a large-scale initiative building massive office and cultural complexes, is actively underway with a target completion date of 2030. Concurrently, in the adjacent Banpo-dong area, large-scale reconstruction projects encompassing over 15,000 luxury apartment units are sequentially crossing the finish line. As these brand-new residential clusters settle in, the quality of neighboring commercial districts will inevitably elevate alongside surging floating populations. This creates a macroeconomic environment where the land value underpinning the Cheongnam Building is bound to appreciate.
"The Cheongnam Building is a mid-to-large commercial office asset situated at a prime transportation hub, making it a highly attractive property for both owner-occupier corporations and investors seeking a strategic asset repurposing," stated Yong-seok Lee, Head of the Capital Markets Division at RSQUARE. "By fully mobilizing RSQUARE’s vast transaction database and our extensive corporate networks, we will identify the right buyer who can accurately recognize this building's true value and drive this transaction to a successful completion."
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▶ Spans a gross floor area of 2,107 pyeong along Dongjak-daero… outstanding visibility and accessibility
▶ Value appreciation anticipated from Seoripul mixed-use development and Banpo luxury residential belt expansion
▶ 100% vacancy clearance available after September 2026… optimal for repurposing as a corporate HQ, medical center, or mega-academy
RSQUARE (CEO: Lee Yong-gyun), a comprehensive commercial real estate service firm, announced on the 14th that it has officially commenced disposition advisory services for the 'Cheongnam Building' located in Seocho-gu, Seoul.
The Cheongnam Building is a commercial office property situated at 765-14 Bangbae-dong, Seocho-gu, Seoul, plus one additional parcel. Featuring 2 underground floors and 9 above-ground floors, the asset spans a gross floor area (GFA) of 6,966.8 $m^2$ (approx. 2,107 pyeong) and a land area of 1,467.4 $m^2$ (approx. 443 pyeong). The entire building can be delivered completely vacant after this coming September. This implies that a buyer can completely redesign and fit out the property from scratch to suit their desired purpose.
The primary advantages of this building lie in its strategic location and substantial scale. Positioned at the critical gateway where Dongjak-daero (connecting Seoul’s north and south) intersects with Seocho-daero (transversing east and west), the property offers exceptional commuting and transit convenience from any direction. Because it commands a larger scale compared to surrounding properties, it boasts prominent long-distance visibility, providing a powerful signage effect and a distinct advantage for brand exposure. It is highly suitable for use as a corporate headquarters or for purposes requiring high foot traffic, such as medical facilities or educational academies.
From an end-user perspective, the spatial layout is equally attractive. With a high floor efficiency ratio (net-to-gross ratio) of 68.97%, it delivers a wider actual usable area relative to the same gross footprint. It also features generous parking provisions and open setback spaces at both the front and rear of the building, rendering a structural layout that smoothly accommodates visiting clients, guests, or patients arriving by vehicle. This framework perfectly matches industries where tens or hundreds of people cycle through daily, such as academies or clinics.
Furthermore, because the building was originally constructed with a floor area ratio (FAR) of 330.7%—which exceeds the current legally permitted limit of 250% for the zone—it presents a massive structural advantage for a value-add remodeling strategy.
Robust surrounding development tailwinds add further momentum to the asset's potential. Nearby, the 'Seoripul Mixed-Use Development Project,' a large-scale initiative building massive office and cultural complexes, is actively underway with a target completion date of 2030. Concurrently, in the adjacent Banpo-dong area, large-scale reconstruction projects encompassing over 15,000 luxury apartment units are sequentially crossing the finish line. As these brand-new residential clusters settle in, the quality of neighboring commercial districts will inevitably elevate alongside surging floating populations. This creates a macroeconomic environment where the land value underpinning the Cheongnam Building is bound to appreciate.
"The Cheongnam Building is a mid-to-large commercial office asset situated at a prime transportation hub, making it a highly attractive property for both owner-occupier corporations and investors seeking a strategic asset repurposing," stated Yong-seok Lee, Head of the Capital Markets Division at RSQUARE. "By fully mobilizing RSQUARE’s vast transaction database and our extensive corporate networks, we will identify the right buyer who can accurately recognize this building's true value and drive this transaction to a successful completion."