Cushman & Wakefield Korea’s Capital Markets Group (CMG) has successfully completed the advisory for the sale of Gangnam N Tower, a prime office asset located on Teheran-ro in Gangnam, Seoul.
The transaction was structured as a share deal and involved the strategic acquisition by Bithumb, a leading digital asset platform, as an end-user. The deal is recognized as a rare success case in the market, featuring a collaborative structure between an end-user and institutional investors.
Gangnam N Tower is a prime office building comprising approximately 51,121 square meters across 24 above-ground floors and 7 basement levels. Completed in 2018, it is the most recently developed large-scale office asset in the Gangnam Business District (GBD). Located between Gangnam and Yeoksam stations on Seoul Subway Line 2, the property offers excellent accessibility and visibility, along with a stable income stream supported by a strong tenant profile.
This transaction is particularly notable in that Bithumb acquired 50% of the equity in common shares to secure the property for its new headquarters, while the existing institutional investor reinvested in preferred shares to maintain a stable return.
C&W Korea’s CMG led a targeted marketing campaign focused on end-users, leveraging deep insights into the asset and market dynamics. Through continuous engagement with potential buyers and strategic positioning, the team successfully closed the transaction.
Ryan Choi, Senior Director of C&W Korea’s Capital Markets Group, said,
“Gangnam N Tower is a rare example of value maximization through collaboration between an end-user and institutional investors. Our end-user targeting strategy and deep market insight were key to the successful execution of this deal.”
This transaction follows the successful advisory of ‘The Asset’ deal last year and further solidifies C&W Korea CMG’s leadership in the Gangnam prime office investment market.
