JLL scales Korea's tallest building

GALE International has selected Jones Lang LaSalle as the exclusive leasing agent for the Northeast Asia Trade Tower in New Songdo City, South Korea.

The 65 level, $US500 million building is Korea’s tallest building and the first commercial office tower to be built in the International Business District in New Songdo City.

When completed, the property will have 1.3 million sq ft of space. NEATT’s retail space will feature flagship boutiques of premier international fashion names. More than 200 rooms on the top 20 floors have been designated for luxury hotel and extended stay apartments. The skyscraper has been designed by Kohn Pedersen Fox Associates PC and built by Daewoo International Corporation.

Construction commenced February, 2007 with completion scheduled for 2009.

“We will leverage our global and regional network to introduce and market this project to our clients and prospects around the world. We expect interest levels to be high, especially at this time when the Korean real estate market is in a strong growth phase,” JLL Korea’s managing director James Tyrrell. “There is a huge amount of international capital seeking real estate investment opportunities in the region.”

New Songdo, a $25 billion new city and international business district, is being developed on 1,500 acres of reclaimed land along Incheon’s waterfront by Gale International and POSCO E&C in a 70/30 joint venture. Gale International is a premier international real estate development and investment company headquartered in New York.

New Songdo is designated a Free Economic Zone and will include 50 million sq ft of office space, 30 million sq ft of residential space, 10 million sq ft of retail, five million sq ft of hotel space and 10 million sq ft of public space.

Australian Property Journal