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SEOUL-The Government of Singapore Investment Corp. said Tuesday it is the new owner of Star Tower, the largest office building in South Korea with a gross floor area of 2.3 million sf. The seller was an investment vehicle of Dallas-based Lone Star.None of the parties involved have revealed the sale price, but media reports out of South Korea have estimated the price at somewhere between $813 million (850 billion won) and $959 million (1 trillion won). If these estimates are accurate, it would be the largest real-estate deal for a single building in Korea, according to local media reports.Star Tower is located in Yeoksam-dong, Gangnam-gu in southern Seoul, in the heart of the Kangnam Business District. The new owner is officially GIC Real Estate Pte Ltd. The official seller was Lone Star Fund III.With $200 billion in funds, the Government of Singapore Investment Corp. has been investing in real estate-related assets all over the world. It first made inroads into Korea in 1999, and now owns seven buildings in the country, including the Seoul Finance Center in central Seoul.Earlier this month, an affiliate of GIC Real Estate Pte Ltd formed a partnership with New York-based Tishman Speyer Properties. The duo sold each other partial interests in certain properties. GIC RE sold to TSP a 51% interest in nine class A office buildings located in seven US cities and GIC RE acquired from TSP a 49% interest in two premier office buildings owned by TSP: the Colgate Building on Park Avenue in New York City and 400 Castro St. in Mountain View, CA in the heart of Silicon Valley. TSP will manage and lease the properties.

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