65-Story, $500 Million Building to be Signature Commercial Building in International Business District and Korea's Tallest
NEW YORK, July 25 /Xinhua-PRNewswire/ -- Gale International today announced that Jones Lang LaSalle has been selected as the exclusive leasing agent for the Northeast Asia Trade Tower, the first commercial office tower to be built in the International Business District in New Songdo City, Incheon, South Korea. The $500 million, 65-story, 1.3 million square feet Northeast Asia Trade Tower (NEATT) will serve as New Songdo's signature structure and, when completed, will stand as Korea's tallest building.
Gale International selected Jones Lang LaSalle because of its wealth of experience and expertise in office leasing and sales worldwide, and its established presence throughout Asia and Korea. Jones Lang LaSalle will focus on attracting high-level multinational corporations to New Songdo.
New Songdo, a $25 billion new city and international business district, is being developed on 1,500 acres of reclaimed land along Incheon's waterfront by Gale International and POSCO E&C in a 70/30 joint venture. Gale International is a premier international real estate development and investment company headquartered in New York.
Rising more than one thousand feet above the Yellow Sea, the Northeast Asia Trade Tower will set the benchmark in Northeast Asia for a globally oriented, 24-hour business complex that offers a full complement of support services and amenities. It will be home to leading international corporations and financial institutions. NEATT's retail space will feature flagship boutiques of premier international fashion names. More than 200 rooms on the top 20 floors have been designated for luxury hotel and extended stay apartments. The spectacular skyscraper, designed by Kohn Pedersen Fox Associates PC and built by Daewoo International Corporation and POSCO E&C, will feature an observation deck with sweeping vistas of the island-dotted Yellow Sea and nearby mountain peaks. Construction commenced February 2007 with completion scheduled for 2009.
Stanley C. Gale, Chairman and Managing Partner of Gale International said, "We are striving to build an international city and recognize the need for dynamic partnerships with world-leading experts. The unparalleled expertise and services of Jones Lang LaSalle fit this goal perfectly."
John B. Hynes, III, Chief Executive Officer and Managing Partner of Gale International said, "The Northeast Asia Trade Tower is a premier property that called for a premier real estate partner - we have that in Jones Lang LaSalle."
Jeremy Sheldon, International Director and Head of International Business at Jones Lang LaSalle said, "We are honored to be involved in the development of New Songdo City. This is a significant appointment for Jones Lang LaSalle in Korea, regionally and globally, one that will showcase the strength of our international platform and depth of our real estate expertise."
James Tyrrell, Managing Director, Korea at Jones Lang LaSalle noted that Northeast Asia Trade Tower's top-notch specifications, innovative design and high quality facilities are very attractive to multinational corporations. "We will leverage our global and regional network to introduce and market this project to our clients and prospects around the world. We expect interest levels to be high, especially at this time when the Korean real estate market is in a strong growth phase. There is a huge amount of international capital seeking real estate investment opportunities in the region." Jones Lang LaSalle currently manages a wide range of office and retail properties in Korea and NEATT will be the largest assignment the firm has handled in recent years.
Songdo, "The Gateway to Northeast Asia," will be the first new city in the world designed and planned as an international business district. It is the largest private real estate venture in history. Designated a Free Economic Zone, Songdo will include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space. Every conceivable cultural and recreational amenity will be available including a world class hospital, an international preparatory school, a Central Park, an art museum and a Jack Nicklaus golf course.
This master-planned metropolis will be connected to the Incheon International Airport, one of the world's busiest airports, by a 7.4 mile highway bridge; and linked by subway to Seoul, which is 35 miles to the southwest. It is estimated that when completed in 2014, Songdo will be home to 65,000 people and that 300,000 will work there. Additional information can be accessed via http://www.NewSongdoCity.com .
Gale International is a premier international real estate development and investment company headquartered in New York with offices in Boston; Irvine, California; Seoul and New Songdo, South Korea. It is dedicated to creating environments where people thrive. Commitment to quality and integrity is its core principle.
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine's "100 Best Companies to Work For" and Forbes magazine's "400 Best Big Companies," has approximately 160 offices worldwide and operates in more than 450 cities in over 50 countries. With 2006 revenue of over USD2 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of over 1 billion square feet worldwide. In 2006, the firm completed Capital Market sales and acquisitions, debt financing, and equity placements on assets and portfolios valued at USD70.9 billion. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse real estate money management firms, with approximately USD44.3 billion of assets under management. For further information, please visit our website, http://www.joneslanglasalle.com .
Jones Lang LaSalle has over 45 years of experience in Asia Pacific. With over 12,500 employees operating in more than 60 offices in 13 countries across the region, the company is positioned to partner with clients to provide the quality advice needed for making quality decisions.
