CBRE Korea Selected as the Retail Leasing Advisor for a Mega-Complex in Magok, ‘One Grove’, Spanning Over about 460,000 square meters of GFA

- Providing extensive advisory services for retail leasing, considering a variety of tenants and evolving consumer preferences.
- 'One Grove' poised to emerge as a central attraction in the western area of Seoul, supported by the expansion of the office market and the growing community in Magok.

May 20, 2024(Seoul) – CBRE Korea, a global real estate services company, has been selected as the retail leasing advisor for 'One Grove', a mega-complex in Magok, which is scheduled for completion in August this year, covering a gross floor area of about 460,000 square meters.

Located in Magok-dong, Gangseo-gu, Seoul, One Grove will have a gross floor area of 463,098.48 square meters, approximately three times the size of the Seoul World Cup Stadium. The facility will consist of four buildings with 7 basement floors and 11 floors above ground, of which the 3rd through 11th floors will be business facilities and the 2nd basement through 2nd floors will be One Grove Mall. In particular, the second basement floor will be composed of a community-oriented space that will attract the 2040 Young Families, as E-Mart Traders, the largest in Korea, is confirmed to enter the building with an area of approximately 13,223 square meters. 'One Grove Mall' is comprised of 12,820.5 square meters on the first floor, 6058.8 square meters on the ground floor, and 7032.3 square meters on the second floor, with a total dedicated area of approximately 39,600 square meters on all four floors.

The interior of One Grove Mall will consist of major brand flagship stores and a mixed-use mall connected around a central garden in the center of the four wings that will cater to the surrounding office workers and the targeted 2040 Young Families, and is preparing for its grand opening in January 2025. The commercial facilities in the 2nd basement floor will include E-Mart Traders, and the first basement floor will include trendy F&B, fashion, lifestyle, and kids zones, including trendy F&B, on the ground level. The ground floor will be home to the flagship stores of the first Magok store of major brands, while the second floor will feature cultural spaces, private fine dining for business meetings, and amenity facilities.

The facility is located in the Magok City Development Project Area's Special Planning Area (CP4), adjacent to the Magok MICE Complex Development Project Area where Coex Magok is located, and is also close to the Magok district, an emerging office area. The Magok district is home to about 150 companies including LG, Lotte, and Kolon, and employs about 165,000 people, which is 33 times the size of Sangam DMC and 1.8 times the size of Pangyo Techno Valley in terms of office workers. In addition, with the convenient access of subway lines 5 and 9 and the airport railroad, and the cultural and relaxation spaces like Seoul Botanic Park and LG Art Center, it is possible to attract family visitors from the western region as well as office workers.

Kate Shin, Director of Retail, Advisory & Transaction Services, of CBRE Korea, said, "'One Grove Mall' aims to be a one-stop life space where customers from the 2040 Young Family as well as office workers and local residents can comfortably visit and enjoy shopping, entertainment, culture, relaxation, and dining." She expressed her ambition, "It will become a new landmark that will invigorate the Magok market, which lacks shopping and cultural infrastructure compared to the diverse office workers and increasing residential population."

Ryan Kim, Head of Retail, Advisory & Transaction Services, of CBRE Korea, added, "'One Grove Mall' is expected to have more potential demand in the future as it is connected with the MICE complex along with the growing new office area in Magok," and "CBRE is preparing for a successful opening by providing comprehensive leasing advisory services that consider not only the entry of various key tenants that can attract customers to stay in the mall for a long time, but also content that reflects changing consumption trends."