Parc 1 - Newly completed mixed use complex in the heart of Yeouido business district, South Korea
KOREA - Seoul is the capital city of South Korea which belongs to Asia Pacific’s highly sustainable workplace markets. The city boasts three primary business districts: The Gwanghwamun, Yeouido Business District and the Gangnam Business District. Yeouido business district sprawls across eight kilometers of island sculpted by the Han River. The district is known as the big economic district of Seoul, a registered address for several investment enterprises and banks. Ideally situated in the heart of Yeouido Business District is Parc 1, a newly completed mixed use complex.
Recognized by its red hued steel truss that is inspired by the red pillars used in traditional Korean architecture which symbolizes dignity and class, Parc 1, mixed used urban culture complex, was designed by Italian-British architect Lord Richard Rogers. The design was intended to create value by integrating harmoniously with its surroundings, while revamping the image of Yeouido. The construction of this complex started way back in June 2007 and was only completed in July 2020 since the construction was halted around 2010 to 2011.
Parc 1 is a significant mixed use complex in Seoul that comprises a major retail mall, two landmark office towers and a five star luxury hotel. It is a 4.6 hectare site that is built next to the International Finance Center in Yeouido. The complex is located on Yeouido Island and is adjacent to the Yeouido Park and Han River. There is 630,000 sqm of space allotted to its four main components mainly the retail complex which has 133,000 sqm, two office towers totalling 273,000 square meters of space. The new complex is also occupied by Fairmont Ambassador Seoul, the first Fairmont property in South Korea, offering 326 rooms, contemporary guest rooms including 16 suites with panoramic views of the Han River. There is an indoor swimming pool, spa, fitness center and spaces for business events and meetings, including Gallery 7 which is a floor dedicated to small and medium scale business conferences and meetings.
Directly connected to the hotel is The Hyundai Seoul, the large retail mall in the complex. It combines an indoor green space with a shopping experience. The complex is said to be the largest department store in Seoul offering seven basement levels and eight above ground floors. The department store also boasts new elements for a contact free shopping experience with its unmanned store where shoppers can purchase products using a pre registered payment method using mobile app and a safety management and guide robot.
Parc 1 Tower A office building consists of 68 floors with a 338 meter height. The exterior of the building creates a unique red steel frame. The construction of this building remained suspended for a long time because of a legal dispute with the Unification Movement. The tower has 7 levels of basement and a total floor area of 213,958 square meters.
ARA Asset Management’s Korean subsidiary, NH Investment and Securities, has acquired Parc 1 Tower B. The transaction was valued at over KRW 1 trillion. Parc 1 Tower B, also known as “the Property”, is currently the 5th tallest office building in Seoul which comprises 53 stories and 162,216 square meters of gross floor area. Its location provides a rare combination of natural outdoor space and bustling business activity. Parc 1 Tower B or The Property features a 15.8m distance within between the cores and walls, column-free construction to maximize space. It is also built to withstand earthquakes of up to 7.0 magnitude providing an efficient and safe working environment for its tenants.