SINGAPORE (EDGEPROP) - Colliers sold the Samsung SDS Tower to KB Asset Management for US$630 million ($860 million), marking the largest trade in the South Korean market to date this year, according to a press release by the firm on Nov 8.

The sale of the property — which began in the second half of last year — also marks the largest single-asset office transaction in the Asia Pacific region so far this year. The 1,071,407 sq ft property is located in the extended area of the Gangnam Business District.

The transaction is the first major deal that real estate industry veteran Sungwook Cho, managing director and head of capital markets of Colliers Korea, has achieved since stepping into the role at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and investment management firm in July.

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In May, Cho’s team gained attention following their successful closure of three major deals with a combined value of US$780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions made in the main business districts of Seoul at the time.

In the press release, Cho says that he is “incredibly proud” of his team's capabilities and commitment to seek out a suitable buyer for the large transaction, amid a subdued commercial real estate market. “This transaction has been considered a smart investment move by KB Asset Management, as it secures a steady cash flow from Samsung SDS using the building as its headquarters. This factor also helped attract major Korean investors to the deal,” Cho says.

Colliers’ Asia Pacific managing director of global capital markets Chris Pilgrim commends the team’s determination and commitment that secured a suitable buyer for the prime commercial office property. “The significance of the sale of the Samsung SDS Tower to KB Asset Management lies not only in the largest transaction value of the year, but also in the potential for further investment in prime-rate buildings in the Korean market,” Pilgrim adds.