Inno88 Tower with Changdeokgung View near Anguk Station Seeks New Owner

TM Distribution Underway...
LOIs to Be Accepted Early Next Year
Deal Expected to Close in First Half of Next Year

A prime office building facing a UNESCO World Heritage site near Anguk Station in Seoul has been put up for sale. The Anguk Station Inno88 Tower (formerly Samhwan Building), which has been reborn as a premium, nearly new office after undergoing large-scale renovations over the past two years, has officially entered the sale process in search of a new owner.

According to the real estate industry on December 8, the seller, Keppel Asset Management, has selected Samjong KPMG and NAI Korea as lead managers for the sale and has begun distributing a Teaser Memorandum (TM) to potential investors. The sale process officially began in early December, with the goal of closing the deal in the first half of next year.

Inno88 Tower, Jongno-gu, Seoul. NAI Korea

Located in Unni-dong, Jongno-gu, Seoul, Inno88 Tower is an office building with three basement levels and thirteen above-ground floors, covering a land area of approximately 5,080 square meters (about 1,537 pyeong) and a total floor area of about 39,780 square meters (approximately 12,030 pyeong). In June, the building completed its expansion and full-scale remodeling, upgrading it to a nearly new condition.

The basement first floor to the third floor above ground are designated for retail use, while the fourth to thirteenth floors above ground are office spaces. Through this renovation, the total floor area was expanded by about 8,265 square meters (approximately 2,500 pyeong), and a large plate floor plan was secured, offering a maximum exclusive area of 2,542 square meters (769 pyeong) per single floor, thereby enhancing spatial efficiency.

The panoramic view of the royal palaces is also a key advantage. From Inno88 Tower, one can overlook Changdeokgung Palace and Jongmyo Shrine, both UNESCO World Heritage sites, as well as Changgyeonggung Palace. Due to cultural heritage protection policies that restrict new development in the surrounding area, this view is considered an irreplaceable asset.

In terms of location, the building is just a three-minute walk from Anguk Station on Seoul Subway Line 3, offering excellent access to central business districts (CBD) such as Jongno and Gwanghwamun. It is also adjacent to major commercial areas in Seoul, including Bukchon, Insadong, and Ikseon-dong, which is expected to increase the utility of the lower-floor retail spaces. The sellers anticipate that these locational strengths and the pleasant work environment will attract significant interest from large domestic and foreign companies seeking a new headquarters.

The building’s effective net operating income (E.NOC) is reportedly at a level comparable to major business districts such as Gwanghwamun and Euljiro.

Inno88 Tower Lobby. NAI Korea

A representative from the lead manager stated, "The outstanding location and user environment of the Anguk area, along with the permanent palace views, are expected to create differentiated premium value within the CBD in the future," adding, "The luxurious and modern work environment will be an extremely attractive option for companies seeking headquarters that value both brand image and the quality of their work environment."

The sale process is already accelerating. The sellers plan to distribute the TM and Confidentiality Agreement (CA) to potential investors within December, followed by sequential provision of the Financial Package (FIP) and Investment Memorandum (IM). Early next year, they will receive Letters of Intent (LOI), select a preferred bidder, and proceed with the signing of a Memorandum of Understanding (MOU), followed by due diligence and the execution of the Sale and Purchase Agreement (SPA). If everything proceeds as planned, the deal is expected to close in the first half of next year.

This content was produced with the assistance of AI translation services.