IGIS Asset Management has officially assumed full control of the One Grove complex in Magok, Seoul, marking the start of its management.

This acquisition follows the pre-purchase agreement signed in August 2021, through which IGIS Asset Management successfully acquired the asset from Magok CFP PEF. The National Pension Service participated as one of the investors.

Since its completion in September 2022, One Grove has achieved an impressive 40% occupancy rate within just five months, underscoring its potential as a new business hub in Seoul. The mega-plate design, featuring a standard floor space of 4,200㎡ across four office buildings, aligns with global tenant preferences for large, integrated office spaces.

Leveraging this competitive advantage, One Grove has secured key tenants, including DL E&C, which relocated its headquarters to the complex, and Saramin, a leading career platform. Flagone, a shared office space operated by LG affiliate D&O, opened on February 6. Invitros, a biotech company, and a local airline have also moved into the complex. Additionally, over 20 global asset management companies are currently in discussions to lease space.

One Grove’s strategic location near Incheon International Airport, its expansive floor plans, and competitive rental rates compared to other key business districts have made it particularly attractive to companies in aviation, logistics, construction, and manufacturing. To enhance the tenant experience, IGIS Asset Management plans to introduce dedicated amenities, including conference rooms, lounges, and sleeping pods, with Hae Beach Hotel & Resort managing the services. The complex will also feature a 7,600㎡ central garden, providing a unique relaxation space for employees.

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One Grove Central Garden

In Q2 2024, One Grove Mall, another key component of the complex, is set to host its grand opening. On the 14th, E-Mart Traders, the largest in the nation, will open on the second basement level. The first and second floors will feature a diverse mix of fashion, lifestyle, children’s stores, food and beverage outlets, entertainment venues, and medical services. VIPS, which launched in December 2023, is already operating successfully on the second floor, while Kyobo Bookstore, Uniqlo, and Muji have confirmed their leases. Additionally, popular food brands such as Sookseongdo and Ido Gomtang have signed tenancy agreements.

One Grove Mall will also incorporate digital media displays throughout the space, offering engaging visual entertainment and hosting various events to celebrate its grand opening.

A representative from IGIS Asset Management stated, “One Grove is the largest private development project in Magok, the last major development area in Seoul. Our systematic marketing strategies since the pre-lease phase have yielded excellent results. Moving forward, we anticipate One Grove will emerge as the central hub for employees and residents in Magok, as well as a landmark representing West Seoul.”

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