[Apha Biz=(Chicago) Reporter Paul Lee] The public sale of "Tower 730" in Jamsil, Seoul, the headquarters building of Coupang, has been withdrawn.

However, some said that it was positive that the decision was made to withdraw it before problems occurred in the sale process at a time when it was difficult to raise funds due to high interest rates.

According to the financial investment industry on the 26th, the public sale of Jamsil Tower 730 was recently withdrawn and turned into a private contract. A private contract refers to a method of contracting with a specific person selected by the contracting officer without following the competitive bidding method.

Tower 730 is an office with a floor area of 8728.63㎡ (about 24,420 pyeong) with four basement floors and 27 floors above ground located in Songpa-daero 570, Songpa-gu, Seoul. It is a building that was built in 1985 by demolishing the data center site of Standard Chartered (SC) Bank.

It was completed in February 2017 and the total cost of the project was 390 billion won and the construction was 112.483 billion won.

The building is developed and operated by Hyundai Marine & Fire Insurance as a Hyundai Investment Asset Management Fund. Coupang uses 19 floors (8-26 floors above ground), or about 80% of the total office area, as its headquarters. Hyundai Marine & Fire Insurance and its affiliates are located on the rest of the floor.

 

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