Cushman and Wakefield Secures Exclusive Retail Leasing Advisory Mandate for Kakao Pangyo Agit

Cushman & Wakefield Korea, a leading global real estate services firm, has successfully secured the retail leasing advisory mandate for the first floor of Kakao Pangyo Agit, a landmark office building in Pangyo Techno Valley. Following its successful tracks with Tech1 and Alphadom, this latest mandate further solidifies Cushman & Wakefield’s position as a premier retail leasing expert in Pangyo’s core commercial district.

Located at 166 Pangyo-yeok-ro, Bundang-gu, Seongnam-si (532 Baekhyeon-dong) on the Pangyo Alphadom 6-1 block, Kakao Pangyo Agit is a large-scale mixed-use office building comprising 7 underground levels and 15 above-ground floors. Completed in October 2021, the building features a total floor area of 162,719 square meters and a building area of 8,594 square meters. Serving as Kakao's headquarters, it is situated right in the heart of the tech valley, where top-tier IT companies are densely clustered.

The most prominent advantage of Kakao Pangyo Agit is its prime location. The B1 floor is directly connected to Pangyo Station on the Shinbundang Line, naturally drawing a vast volume of foot traffic, including Kakao employees ("crews"), nearby office workers, and local residents. In particular, the first-floor retail space operates as an open community space accessible to the public, functioning as a vital hub for the local commercial district rather than just a standard office amenity zone. Currently, it houses a total of 17 diverse F&B, lifestyle, and commerce brands, including the Kakao Friends Store, Kakao Shopping Live Studio, Olive Young, Emart24, Baskin Robbins, Felt Coffee, Lagrillia, and Book Day 423.

The Pangyo Station area has established itself as a core consumer market in the southern metropolitan area. It features a robust office commercial district backed by approximately 80,000 IT professionals across the 1st and 2nd Techno Valleys, alongside a high-income residential hinterland. Driven by stable tenant demand, the Pangyo retail market continues to experience steady growth, drawing high interest from prospective tenants.

Jason Yun, Executive Director and Head of the Retail Leasing Group at Cushman & Wakefield Korea, stated: "Pangyo is a rare, office-centric commercial district in Korea—an attractive retail market where strong purchasing power from the surrounding area meets powerful brand-attracting capabilities. As Kakao Pangyo Agit combines the locational advantage of direct access to Pangyo Station with Kakao’s powerful brand equity, this project—following Tech1 and Alphadom—truly establishes our firm as the definitive partner encompassing the overall Pangyo retail market."

He added: "Leveraging our global network and data-driven expertise in retail merchandising (MD), we will discover the optimal tenants to maximize the value of this exceptional space."