Cushman & Wakefield, Avison Young to lead Orange Center sale in Seoul

Cushman & Wakefield and Avison Young have been appointed to oversee the sale of Orange Center, a prime office tower in Seoul’s central business district (CBD) that serves as the headquarters of retail giant E-Mart Inc., according to industry sources on Tuesday.

NH-Amundi Asset Management Co., the owner of the office building, is set to distribute information memoranda to potential bidders through the two real estate advisory firms. A formal auction is slated for the second half of this year.

The Orange Center spans 34,172 square meters with six floors below ground and 19 above. With close proximity to Seoul City Hall and Namdaemun, it has been used as E-Mart’s main office since 2022.

NH-Amundi acquired the building in 2020 for 252 billion won ($184 million), or roughly 24.4 million won per 3.3 square meters.

Prime office towers in Seoul’s CBD are currently trading in the low- to mid-30 million won range per 3.3 square meters or one pyeong, a unit of measurement for a structure in Korea.

Write to Gyeong-Jin Min at min@hankyung.com
 

Yeonhee Kim edited this article.