JLL Gets Nod as Broker of $500M Korean Project

JLL Gets Nod as Broker of $500M Korean ProjectSEOUL, SOUTH KOREA-A global reach and understanding of the Asian market are key reasons Jones Lang LaSalle has been named exclusive leasing agent for a $500-million commercial tower under construction here, according to Gale International, chief developers of the 65-story, 1.3-million-sf structure. Gale CEO John B. Hynes III also lauds “exceptional” JLL personnel leading the assignment to find office tenants for the Northeast Asia Trade Tower, Korea’s tallest building upon completion.

“The way the team is stitched together makes us feel very comfortable we are making the right choice,” Hynes tells GlobeSt.com. The building, which recently broke ground, is part of Gale’s visionary New Songdo City, a 1,500-acre expanse of reclaimed land that will yield $25 billion of investment in what is being touted as the largest private real estate undertaking in history. A division of the Gale Cos. of Roseland, NJ, Gale International is a 70% owner in New Songdo City, while Posco E&C has the remaining interest.

The top 20 stories of the tower, which will rise 1,000 feet above the Yellow Sea, will be used as luxury hotel and extended stay apartments, while there will also be flagship boutiques offering famous fashion names and other retail options. The remainder of the Northeast Asia Trade Tower will be used for office space targeting leading international corporations and financial institutions. JLL’s network of 160 offices in 50 countries is precisely the platform required to carry off such a tenant hunt, says Hynes, calling it “a major consideration” in the firm’s designation.