▶ Successful conversion of a large, years-long vacant shopping mall into office space following the pandemic
▶ RSQUARE: "Occupancy hits 100% with GC Group’s 26,000㎡ integrated headquarters move-in"
▶ Industry attention on this success model for regenerating stagnant commercial facilities
RSQUARE, a comprehensive commercial real estate service company, announced on the 21st that it has completed the office remodeling project for the Seoul Forest The Sharp commercial complex (formerly Enter-6 Hanyang University branch) in Seongdong-gu, Seoul.
According to RSQUARE, GRE Partners, a real estate investment and development firm, acquired the Seoul Forest The Sharp commercial building in late 2023 and commenced office remodeling. RSQUARE managed the entire project lifecycle, ranging from the acquisition and sale phase to development planning, design, construction, leasing, and operations management.
Through the remodeling, Tower 1 and Tower 2 of Seoul Forest The Sharp were converted into business facilities, with pre-leasing successfully completed. During this process, GC Group (GC Biopharma) and the Seongdong-gu Office moved in. Notably, GC Group is utilizing the space as an integrated headquarters, bringing together affiliates previously dispersed across multiple locations.
RSQUARE also relocated its own headquarters to the building, while the Seongdong-gu Office moved in the Seongdong 50 Plus Center.
Tower 3 has been developed as a commercial facility, housing a health check-up center operated by GC Group, as well as clinics, pharmacies, cafes, and restaurants.
Global investment firm Starwood Capital also participated in this project, marking its first investment in a South Korean office asset.
Furthermore, the Seongdong-gu Office contributed to the revitalization of the commercial district by introducing the concept of "Town Management" and actively cooperating with administrative procedures for the change of use. Town Management is a public-private partnership model where residents, corporations, and local governments work together to manage a district.
"This project is a meaningful achievement that presents a new way to utilize stagnant commercial facilities," said Lee Yong-gyun, CEO of RSQUARE. "We will continue to contribute to sustainable urban development by recreating the value of diverse real estate assets."
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▶ Successful conversion of a large, years-long vacant shopping mall into office space following the pandemic
▶ RSQUARE: "Occupancy hits 100% with GC Group’s 26,000㎡ integrated headquarters move-in"
▶ Industry attention on this success model for regenerating stagnant commercial facilities
RSQUARE, a comprehensive commercial real estate service company, announced on the 21st that it has completed the office remodeling project for the Seoul Forest The Sharp commercial complex (formerly Enter-6 Hanyang University branch) in Seongdong-gu, Seoul.
According to RSQUARE, GRE Partners, a real estate investment and development firm, acquired the Seoul Forest The Sharp commercial building in late 2023 and commenced office remodeling. RSQUARE managed the entire project lifecycle, ranging from the acquisition and sale phase to development planning, design, construction, leasing, and operations management.
Through the remodeling, Tower 1 and Tower 2 of Seoul Forest The Sharp were converted into business facilities, with pre-leasing successfully completed. During this process, GC Group (GC Biopharma) and the Seongdong-gu Office moved in. Notably, GC Group is utilizing the space as an integrated headquarters, bringing together affiliates previously dispersed across multiple locations.
RSQUARE also relocated its own headquarters to the building, while the Seongdong-gu Office moved in the Seongdong 50 Plus Center.
Tower 3 has been developed as a commercial facility, housing a health check-up center operated by GC Group, as well as clinics, pharmacies, cafes, and restaurants.
Global investment firm Starwood Capital also participated in this project, marking its first investment in a South Korean office asset.
Furthermore, the Seongdong-gu Office contributed to the revitalization of the commercial district by introducing the concept of "Town Management" and actively cooperating with administrative procedures for the change of use. Town Management is a public-private partnership model where residents, corporations, and local governments work together to manage a district.
"This project is a meaningful achievement that presents a new way to utilize stagnant commercial facilities," said Lee Yong-gyun, CEO of RSQUARE. "We will continue to contribute to sustainable urban development by recreating the value of diverse real estate assets."