(BUSAN, SOUTH KOREA) – Hines, the global real estate investment, development, and property manager, today announced plans to develop and operate the ‘Global Quantum Complex’ in Busan, South Korea. The mixed-use development will house the nation’s first quantum computing R&D hub, next-generation offices, and space for education, retail and residential offerings.
“South Korea is an important growth market for Hines, and we are looking forward to partnering with the City of Busan as we continue to expand our business to innovative new sectors like quantum computing,” said Ray Lawler, chief executive officer, Asia Pacific at Hines. “As more global companies increase their interest and demand for it, they will now be able to look to Busan and this mixed-use development as their next location for the future.”
Totaling over 180,000 square meters, the development is situated in the heart of Haeun-dae District, the urban live-work-play epicenter of Busan. Designed by renowned international architect Skidmore, Owings & Merrill (SOM), the 74-story mixed-use tower will be one of Korea’s five tallest towers and include market-leading sustainability features to comply with South Korea’s 2030 carbon reduction goals.
The mixed-use vertical city will feature a state-of-the art research facility, the highest quality office space in the market, and premium lifestyle amenities catering to global and domestic corporations and residents. The project is expected to generate US$3.6 billion in economic value and create 18,000 jobs, contributing to Busan’s objective to attract and support business and technology growth throughout the region.
“As South Korea’s second-largest city, Busan is an important hub for business, R&D, logistics, trading and global shipping so we are confident that this mixed-use project will help to make the community more vibrant and make progress towards the city’s goal of being a global business hub centered around quantum computing,” said Harry Lee, managing director and country head of South Korea at Hines.
Hines established a capital markets office in Seoul in 2013 and an investment and development office in 2021. Over the past two years, Hines has significantly expanded its presence in the market with the acquisition of West Gate Tower in Seoul, and three logistics developments in Incheon, Anseong and Hwaseong. The Global Quantum Complex will be Hines’ largest project in Korea to date.
The construction for the Global Quantum Complex will commence in 2024 with a target completion in 2027.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.