GRE Partners Purchases Gwanghwamun New Kukje Hotel for KRW 63.5 bl., Plans to Convert to Office GRE Partners, a real estate asset management company, has purchased the New Kukje Hotel located in Gwanghwamun, Seoul for a total of KRW 63.5 billion, or 260 million KRW per 3.3㎡ in land. The New Kukje Hotel is a 16-story major hotel in the central business district that was built in 1973. GRE Partners plans to convert the hotel into offices and commercial facilities. Unlike the global office market where a huge paradigm shift is taking place, the fundamentals of the Seoul office market are still strong. The vacancy rate is at an all-time […]